Bitcoin Looks Dangerous ($40k In Play?)

**DZ** (0:00)
This is Discover Crypto, and we have to talk about a $40,000 Bitcoin today. Is that possible? What are the charts telling us, and what else are we seeing? We have some glass node indicators, very shocking. We have a huge escalation in the Middle East, not sure if we'll get into that. And we have a stock insider move that is very illegal. A CEO was caught shipping hundreds of millions of dollars of chips to China. He got caught red handed, crazy story. And we got another crypto news as well. We're gonna look at some altcoin charts. We're probably gonna look at some gold charts as well. And we got a trio, a trio is with us today. How are you folks doing? And it's casual Friday. So smash the like button, everybody.

**TJ** (0:38)
That's right. Smash the like buttons for Fridays. Even though the world keeps spinning and chaos keeps growing no matter what happens on the weekend. So, yeah, it's the chaos on the charts, chaos all around. But good day to be alive. Good day to be here. And yeah, happy to be here. Let's do it. Absolutely right.

**DZ** (0:56)
Well, let's go ahead and start with the Bitcoin chart here. You can see Bitcoin is starting to get a little bit of a pump just over the last 15 minutes or so, but still, you know, decisively down. If we go to the one hour chart you can see here just been falling. Let's see, one, two, three, four, five, six, about six, seven hours in a row. Didn't mean to do that, but maybe potentially creating a higher low. We still have the target down below. Let's go ahead and talk about this 40K. What are we talking about? We got a couple of things pointing that direction. One, we do have the bear flag. The bear flag giving us a target, just almost exactly 40K. You're looking at 38, 600 And move this back up. But we have a decision to make. Bitcoin has a decision, and I want to ask the chat, I want to ask you two here, which direction do you think we're going to be heading? Because right now does look like we're just kind of chopping in this range. We hit the top, we hit the bottom, we hit the bottom, we hit the top, we hit the bottom, we hit the top. Haven't hit the bottom yet again, but when it breaks out, TJ, Drew, how are you feeling? Chat, how are you feeling? Type in bull. If you think we're going to be moving to the upside, type in bear. If you think we're going to be dumping, what are you two guys thinking over here?

**TJ** (2:03)
Well, what's the very bottom? Where's that white line? Like if it went all the way down, is that like in that range? Is that still in 65 or was that 69 in the bottom of that?

**DZ** (2:11)
Well, this one, yeah, this is the, you know, the 40K to the downside. No, not so much saying 40K, but which are we, which side are we going to break out of this range? Because we can't chop in this range forever. It will move either to the upside or the downside.

**TJ** (2:26)
You know, you guys know me. I'm the more optimistic one. I think Drew, you're probably more on the bearish side. I was just curious if the bottom, if the bottom of that range, that white line there, like if it's, I assume it's 69 ish, maybe it's 65 I can't quite see. I could see us. Yeah, it could be, yeah. Like if we say we did put in another red candle after the green one shown right there, or those are daily. Say we put in, like, what is that right at 68? Yeah. I could see is definitely touched on the bottom of that. I would say bounce and then head back up to the middle of that channel or maybe up to, you know, like break to the upside. I guess what you're, yeah, something like that. I don't know about what timeframe it'll be an interest.

**DZ** (3:03)
It eventually leads to the upside though, out of the range.

**TJ** (3:06)
I think so. Yes. I'm, you know, and maybe you get a wick down again into the, you guys know, I've been saying for a while, I think the bottom was 59 K. I think that was it. It looks a lot like a lot of other bottoming signals. You guys found some other interesting insights that kind of align with that. You know, but then you've got the whole world in chaos, boots on the ground, all that sort of stuff. That's what we were joking about right before the show. Just, it seemed like it keeps escalating and escalating. Or your cycle says down only until October. I'm, I think we're speed running this bear market, but we're going to have to wait and see. I know Drew, you've got some lower targets than I do. What do you think?