Bitcoin Flipped From FEAR to GREED in Just 12 Days - What Happens Next?

**Scott Melker** (0:01)
Bitcoin sentiment flipped from fear to greed in just 12 days. So of course, the crypto media has to talk about how that is too fast. And it means that obviously the bull market that we just had for five days is over. I obviously do not agree with that. People should remember that we remained historically long in fear, literally for months on months on months. And this could just be sentiment turning and things just getting started. We're going to talk about that and everything in the news today on the show with my friend Austin Campbell. Let's go.
Good morning, greedy people who were fearful just 12 days ago. It's nice to have you here and to share in your greed. As you can see, in the last 12 days, I purchased a lakeside mansion in Thailand.
Where I'm obviously very live right now, because that's a real background. So yeah, let's talk about what is happening right now in the markets. First of all, very important, we got some more LaCroix back in the studio.
I got GrockBot, and I've decided to let GrockBot run my life. And the first thing GrockBot did was send an email to LaCroix's marketing team to try to get them as a sponsor.
I'm going to shock you here. They didn't respond. But it said Scott drinks LaCroix on your show every single day. It's organic marketing, and you should sponsor him. I'm drinking Pompel Mousse today, which is my favorite flavor. Still don't know what it means, or if I'm pronouncing it correctly. But call me, LaCroix. Sponsor me. It's warm. To be honest, it just came 50 minutes ago. It tastes really bad today.
That's fine. So listen, before I bring Austin on, I just want to very quickly take a quick look at the charts, because I've got some thoughts here. And every once in a while, it's worth, I think, doing a little bit of technical analysis just to keep people measured. So just take a look at the Bitcoin daily chart. It went exactly where it should go if you believe in charts, basically had that bottoming pattern and flew up there. I think that it's a good time for a healthy pullback personally, but I have no idea what will happen in the future. But I can tell you that I'm looking to buy some more if it happens down here in the low 70s and high 60s. I'm not saying that it will get there. Bitcoin has a tendency to make people look like fools. But I will tell you, this is the most overbought it's basically ever been on daily RSI. It's putting in some bearish divergence, the kind of things that you see when you're going to take a temporary top. Then of course, I just think it's meaningful on the weekly chart. This is pretty much the line if you're an algorithm or a bot. That 50 MA on the weekly is exactly where this stopped. So listen, I am extremely bullish. I just think it would be really nice to see Bitcoin consolidate for a bit, chill out, and push up for the next move. It is only August after all. But I would just go ahead and bring on Austin. I don't want to talk about charts. I want to talk about more important stuff. What do you think about this move, man? You know, I kind of came out of nowhere.

**Austin Campbell** (3:22)
I mean, did it? I guess what I'll say is this.

**Scott Melker** (3:26)
I love that.

**Austin Campbell** (3:27)
You need to think about your long-term time frame as an investor or a trader, right? So many people get into trades without thinking through, why am I in this? What's the time frame I'm looking at? Should I be using leverage? Should I be buying spot? Here's kind of how I'm observing this move.
You have the US. Treasury trying to engage in yield curve control at the same time Congress continues to spend like a drunken sailor. All of that just points to money, money, money, money, money, money, money. You should be buying like hard assets, Bitcoin and gold, right? Like both, quite frankly. And so if you're just dollar cost averaging in on a long enough time frame, I love how things look for you here. Now, if you're going to be a short-term trader on leverage, I agree with everything you just said about the set up. Like maybe be a little bit patient about your entry if that's where you live. But knowing which bucket you're in should tell you what you should be doing here.

**Scott Melker** (4:24)
If you started dollar cost averaging at the all-time high, which by the way, I did because we literally launched like the I was, you know, working with Arch Public and I said, let's launch a portfolio publicly. And it was Bitcoin was 125 literally.