Is $40K Bitcoin EVER Coming? (Death Cross CONFIRMED)

**Drew** (0:00)
The time is upon us, we are live here at Discover Crypto, and a death cross has officially been confirmed on Bitcoin's price. And in this video, we're going to go over all the metrics, what this likely means for Bitcoin's price over the next few months. And a major inflation data point printed this morning, something that the market participants in the Federal Reserve have not seen since April of 2020, which is causing some massive chaos on many, many different charts right now.
And there are some huge token unlocks coming up for some key altcoins over the next few weeks that we have to pay attention to. We're going to dive into all that and more on today's show. It's a beautiful Tuesday afternoon, rather Tuesday morning. It feels like afternoon and I'm joined by one and only Kelly Kellum. How are you doing good, sir?

**Kelly** (0:47)
You know what? I'm doing overwhelmingly overwhelming is all I got to say. You know, the first thing I wanted to mention right when we hop in here is people. There's still people wondering if they missed the boat on Bitcoin. If they missed the boat in the crypto market. There's also people that wonder if they missed the boat entirely because the market and all the exciting times have already passed. And it's basically just dwindling from here. And there's a report that just came out from Strategies, Fong Li that actually I'm going to throw it up on the screen really quick just to start the show with some bullishness because we do have some cautionary tales here that we do need to pay attention to.
But this this report is kind of just it's a good way to start the day because it's a good reminder and that is this right here. You're not late in Bitcoin. You're still ahead. I'll throw it up. There we go. You're still ahead of 68% of banks. Only 32% of banks have adopted so far. So while it feels like because we're seeing headlines every day of Bitcoin, financialization of institutions and banks and getting on board, but there's so much room to go. And you have an opportunity to be ahead of 68% of those people that are supposed to be the smart players in the market. This isn't a once in a lifetime opportunity. This is a once in a millennium opportunity. The changing of the banking guard. So I got to sneeze off the bears, but we got some things to look at today. So I'll throw it back to you. We got to talk about the CPI because there's some things afoot.

**Drew** (2:15)
Yes, and the CPI data came out today.
The markets were looking frisky. They started off pretty hot and heavy, and Bitcoin actually pumped up to around $64,000 on the news. Just above it, we're at $63,900 as of the time of this live stream. But Ethereum is up by 5.3% over the last 24 hours. Ethereum has put some really good movements even over the last 30 days, as you can see, and a lot of excitement, a lot of chaos coming to the one-minute chart because of the US June CPI fell 0.4%, almost an entire base point, likely cooling move toward the Federal Reserve rate hikes. We do have a Federal Reserve chair. Kevin Warsh is going to be speaking in front of the Congress today and is gonna be giving his testimony. But the Morning Report could go a long way towards determining whether the Federal Reserve actually has to raise those interest rates as its late July meeting is coming up.
Now, Consumer Price Index, what they call CPI, it declined that.4% in June versus the economic forecast of a decline of just.1% in May's sharp rise of.5%, half a base point. On the year over year basis, CPI was up 3.5% versus the forecast of 3.8 and 4.2% in May. Now, odds of a Federal Reserve rate hike in July on the 29th meeting crashed to 8% after the CPI inflation data came out and unexpectedly posted its biggest monthly decline since April of 2020 Market participants are having a lot of fun, and the US stock market, the futures of it surged as the US CPI inflation data came out this morning, a major, major move on the stock market. And something very notable is, you know, and I will not spend too much time talking about this, but last night was the arguably one of the largest military campaigns we've seen so far in the Middle East. And it does appear that sellers of crypto are quite exhausted. This is a major linchpin what we had happened last night, and it was absolutely brutal what happened in terms of price action, not going anywhere, and the semi-conductors, stock market sector is causing some really big concerns. We had IBM crashed massively. I want to actually go to the fresh IBM data, but IBM stock collapsed nearly 20% after posting weaker than expected earnings due to weakness in the software sector.