Bitcoin Just Flashed a Rare Bullish Signal! | Bitcoin Simply

Nico Moran (0:00)

Bitcoin is flashing a bullish signal that it hasn't had in over a year. It's Tuesday, Bitcoin is on the verge of a breakout, and the charts are all lining up. The 50-day moving average is above the 100-day moving average, and the 100-day moving average is approaching the 200-day moving average. What does that mean? When all three stack in that order, that's the historical signal that Bitcoin is about to take off. But the chart is just a chart. Today I want to show you what's actually underneath of that chart. The real buying patterns and the real people moving the market. Who's holding? Who's selling? Why is the money growing? What's expanding and what's not? Why is the calendar actually on our side? Stay with me to the end, because you'll understand that not only is Bitcoin about to run, but why. This is DanteCoco Bitcoin Simply.

Let's go.

Let's get into the real signal. Bitcoin is flashing a signal that it hasn't in about a year. When you look at the charts from Glassnode, you see one thing. The large entities are back in profit. But what's actually interesting about this is that so are the small wallets. At the June low, these wallets, even though we were approaching their cost basis of about 48k, never sold, while the sharks and the whales slipped underwater. And if you look at where we are today with the big wallets, there's about 867,000 Bitcoin that have been bought at the $84,000 price level, right about where Bitcoin trades today.

Above that, 75% of people who have bought Bitcoin are in profit. If we dip below these levels to the 78k to 81k range, well, you might start to see some selling. Right now, the selling is pretty light. Because of the last cycle when Bitcoin ran from 80k to 90k super quickly, the price jumped so fast that there wasn't actually a lot of accumulation in this $80,000 range. And so what you have is that most of the people whose profit and Bitcoin is sitting at a loss are at above 90k. So they're waiting before we hit that mark before they even think about selling again. So 84k is the line to watch. And that's what the traders are watching too. You see, interesting things all the time when Bitcoin just slams down in price. When you see things like these. Someone on Binance nuked $40 million worth of Bitcoin and tanked the price $1,200 in a matter of minutes. But here's the most important thing. How quickly does that nuke get refilled? The buyers are stepping back in immediately because they know what's going on in the global macro landscape that Bitcoin is something that they should buy and they should hold in droves as part of their portfolio and a hedge against inflation. That's what the big money players are doing. They increasingly see Bitcoin as a hedge against inflation, like the Sacramento Kings co-owner.

SPEAKER_2 (2:29)

Also like Bitcoin, which is going to get everyone very excited. So explain a little bit, maybe your journey with Bitcoin and why you like this asset so much.

Lyn Alden (2:36)

Yeah. So I mean, I think that it is a hedge against inflation. I think that people are rightfully thinking of it that way. And then I think it's also a global store of value and it's sort of easily accessible from anywhere to anywhere. And it's just incredibly powerful in that way. And so once it became accepted as a standard, once enough people said, okay, this is going to work and the validator network works and everything else, it became the standard store of values.

Nico Moran (3:07)

One interesting thing that's happening right now is that Bitcoin is decoupling from gold. Right now, when a time when bonds are in distress and the market is in a bit of turmoil from a macro perspective, Bitcoin is starting to break away from gold as the tried and true store of value. This is sort of a litmus test right now to see if Bitcoin holds its strength and continues to attract more flows away from gold during a time of duress and macro uncertainty. Both Bitcoin and gold hold a place in most truly diversified portfolios of macro thinkers. But it's starting to become more and more apparent to people that Bitcoin has value in ways that gold doesn't. Listen to what Lyn Alden had to say on this recent podcast with Bitcoin magazine.

SPEAKER_4 (3:45)

What is your outlook for gold right now?

Lyn Alden (3:47)

Are you buying more or holding what you have?

SPEAKER_4 (3:49)

And why own gold in addition to holding Bitcoin? So I'm a holder here. I've been a long-term bull on both gold and Bitcoin.