BITCOIN PULLSBACK! $70K NEXT? MAJOR BANKS ADOPTING CRYPTO & SECURITIZE TOKENIZED STOCKS ON SOLANA!

Tony Edward (0:05)

Hey, folks, welcome into the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit that subscribe button, as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please be sure to leave a five-star rating and follow.

All right, folks, let's start with the price because Bitcoin is pulling back, and it has a lot of people worried. Of course, the bearers are coming out screaming, saying, I told you so, we're going to lower lows and all that. But as always, let's not move by our emotions and feelings. Let's check those at the door. So right now, Bitcoin trading just over $82,000.

As I've been highlighting for the past week, even before this pullback, the MACD on the daily was in control by the bears. So we were anticipating some sort of pullback. The question is, how low are we going? And it's not that this is the end of the bull market because we know we've entered back into the bull market. We could see 20 to 30% corrections along the way up. And it won't go up in a straight line. We know this, right? But I like to remind people because the emotional part takes over and they forget the charts, they forget the market principles and fundamentals. So what can we see here, guys? And remember, narrative follows price. Price does not follow narrative. So when the price is pulling back, all of a sudden, all types of negative stuff starts coming up. Quantum computing and the Black Swan event and war with Iran, and you name it, right? The narrative comes, starts to come back and negative stuff because a lot of the short sellers are trying to get people to be scared to sell, to not buy. It's the same market cycle. But this is where we, as educated investors, we're not moving by our emotions. We're looking at the charts. So in the daily, we're going to see chop, we're going to see ranging, we're going to see pullbacks. This is all part of it. So right now, the MACD is still showing, bears are in control. So we could potentially go lower or just range a lot, you know, chop between 80 to 82,000. And we stay here and then break out because the key support level we need to hold is 82,800. That's the May high. Right now, we are still respecting it, even though we went a bit below. But we got to see how the weekly closes, right? That's what's important because you can have a lot of price fluctuations on the daily throughout the week. That's, you know, something that happens all the time. Now, here's what one analyst is saying.

He says Bitcoin, I doubt we go below 80k from here. We just retested a 30 day rolling volume weighted average price and price is setting up to reclaim the 82,800 level.

So potentially, we bounce off this 30 day rolling volume weighted price, as he said, your average price, and then we bounce and go higher. That is one scenario. The other scenario that is very interesting is that this market, or I should say Bitcoin, is following the fractal from January 2023, where Bitcoin turned the corner out of a bear market into a bull market, but had a deep correction. It was around the time of the Silicon Valley banking crisis, if you guys recall that, and Bitcoin dumped, but it didn't go to new lows. It simply went down to a support level and then bounced and went higher. So this could potentially be the higher probability scenario playing out or the one I mentioned before. So this could be potentially the scenario that plays out, but we have to let the market do its thing. This is where when you have these pullbacks, you just look at buying the dips, dollar cost averaging in, because markets can fake us out. But the point is we want to look for the opportunities and be patient. So let's see, will Bitcoin continue to reflect this fractal, and this fractal takes us down to 70k. Now remember, I've been saying that even in a newsletter, we could go down to 70k and we would still be in a bull market. Why? It's a higher low because the low we hit was in the summer at $58,000.

Now we're using Bitcoin as the benchmark because we know all coins will follow. So right now, if you look at the all coin charts, you'll see Ethereum, XRP, Solana all have pulled back just along with Bitcoin. So we're using Bitcoin as the measuring stake. So if this scenario plays out, just be prepared for 70k or around that price point and then we bounce and we go higher.