MAJOR PUMP COMING FOR BITCOIN & ALTCOINS NEXT WEEK!? BNY BANK SECRET CRYPTO PLANS!

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 follow and leave a five-star rating. All right, folks, let's start with the price of Bitcoin because we've been seeing a lot of boring sideways chop, a lot of consolidation. Now, this is very good, it's very healthy, and it sets up for Bitcoin's next big move. However, these things can go on for weeks and sometimes even a month. So you really have to be patient, you really have to zoom out. So I want to just check in on the higher timeframes, what different analysts are saying and what we could expect this week. So first up, on the daily chart, Bitcoin just below $85,000. Again, just chomping right between $83,000 to $87,000. The MACD on the daily is showing bears are in control right now. So don't be surprised if we pull back a little bit. It doesn't mean we have to dump all the way down. But even if we dump, let's say to $70,000, doesn't matter. As long as we are building higher highs and higher lows and the higher lows being the most important part, then we are maintaining that bull market structure. So again, we could see further price pullback or there's a probability of Bitcoin moving higher. Because if we zoom out on the weekly chart, that bullish divergence continues to play out. The MACD shows the bulls are in full control, the RSI is broken out of the downtrend, and it's not in the overbought zone. So there's more room to go here before we see any major correction. And this has been the primary chart we've been using to get an idea of are we turning the corner from a bear market into a bull market. And you guys know I've been sharing with you for months upon months on the podcast as well as in the newsletter. And it's playing out perfectly. The monthly chart also looks very bullish with the RSI moving up and the MACD showing the bears are losing momentum. So there are a lot of factors on the side of the bulls. And in addition, we've had other major signals like the reclaim of the 200-day moving average and the 50-week moving average, plus the death cross marked, which has marked the bottom in every bear market has officially happened on the Bitcoin chart. So all of these things again on the side of the bull case. So even though Bitcoin is chopping and moving sideways, it's holding the support level of 82,800. Remember that was the May high. We broke that and then now we're retesting it. So as long as it keeps holding that there's potential and a probability of this moving higher to maybe 90,000, 100,000 within that range. Here's what some analysts are saying.

First up, Kevin Svensson says $92,000 Bitcoin is the next daily target. Price is holding after a series of impulses off the June-July lows. Each dip being bought higher. Structure equals continuation. RSI nearing breakout. This is on the daily chart now. He says a push through local highs puts $92,000 in play. The chart says a breakout in the next 48 hours. So we could see this coming week, folks, a breakout to higher prices. Doesn't mean it's going to rally automatically straight up to $92,000, but we will start stair stepping our way.

So this is certainly a probability. And notice I'm saying it's a probability, not an absolute, not a certainty, right? So please understand where I'm coming from. Now, here's what Jurian Timmer, who's director of global macro at Fidelity, had to say. He posted on X a bunch of different charts for Bitcoin. He says, I continue to like both gold and Bitcoin, but especially Bitcoin looks interesting right now. For one, we broke through resistance at $80K, targeting $100K. So as he said, we broke through the resistance, right? The May high, and we're holding the support of $82,800.

So it looks like a double bottom is forming here, which is very bullish. So even guys at Fidelity and much more are recognizing what's happening on the chart. He also said, second, Bitcoin priced in gold is showing a lot of strength as well as flows returning to the Bitcoin ecosystem. Bitcoin is only 30% correlated to the S&P 500 and uncorrelated to Treasuries. That makes it a good diversifier now that the four year cycle is potentially under way.

So again, a lot of factors on the bull side. And then, you know, he mentioned Treasuries and we see a lot of stealth quantitative easing is happening with the US Treasury because they've been buying back their debt, right? Executing like $6 billion buybacks like every week. It's pretty crazy, but it's why we call it stealth QE, right? We are in the quantitative easing cycle. If you recall, Jerome Powell mentioned that it was late last year and obviously he's no longer here. We've got Kevin Warsh, but the point is we've transitioned from quantitative tightening to quantitative easing. They're just doing it in a different way. Regardless of if they're raising rates or not, what matters is are they putting liquidity into the system and they've been doing that, right? With the debt buybacks. So all of these things bode well for Bitcoin and the crypto market.