MASSIVE Blackrock Bitcoin WARNING! (13 DAYS LEFT...)

Drew (0:00)

Welcome in to Discover Crypto. The rollover is happening live. We just broke below $80,000. Fear takes over the market in this one-minute candle view, but we're bouncing back above $80,000 for the time being, the real pain being felt on the altcoin sector. We have a lot of major projects here with big, big pullbacks.

Pump Fund, Canton, Injectiv, Filecoin, Stacks, and Radium lead up the losses this morning. Nier Protocol did come back down to that $4.50 zone earlier and is now trying to bounce back up to $5. Absolute chaos is taking over.

There's been some big economic data. And just imagine with me this. It's 7 a.m. You wake up in the sound of rain with no worry of inflation. Gas prices are the AI bubble. With the war in Iran, midterm elections are the 10-year yield. Life is good because you're in a mental hospital. Wake up. Reality is here. We have September PPI inflation. Unexpectedly rises to 6.3% way above expectations at 5.3%. A full percentage point above what expectations were. Core PPI rose to 5% above those 4.4 expectations. And it is now the second highest level since November of 2022 Bitcoin is feeling it with that snap crack. And now we're starting to get closer to that level that me and my man, Mr. Kelly Kellum, Mr. Crypto Clean, my man, we did it. We're starting to see this rollover.

I was seeing some bold divs you were highlighting before the show, man. But first off, how are you doing on this fine Thursday morning?

Kelly Kellum (1:47)

You know, I'm doing fantastic looking at these markets. We've been talking about the potential move down for, I don't know, three weeks.

And so before we get into the bull div, let's just talk about that. I cannot believe it's pulling back. Well, there's been a pretty darn pretty darn clear bear div, basically meaning the RSI, the strength is indicating weaker highs. It's not as strong while the price did push up higher. Not only that, look at this. I mean, double top, boom, boom, right in here. And one of my favorite things to ever look at on a chart is when you have consecutive higher highs in a regional zone, like we're seeing right here, followed by a price action breaking below a low, which we did here also, but this shot up, but breaking below a low and then forming a lower high. So this is kind of signaling to me, along with these bear divs, along with so many other things that we've been talking about that we likely will need to cool a little bit. And this is no different. I mean, it's different, but it's so similar. Let me put it that way to that timeframe that we've talked about so much back here after the FTX popped to the upside. We had a lot of Tom Fuller here with the shakeouts here. And this was a pretty large window that basically went from about right there all the way across to get out of it, 284 days.

Now, it's not going to do the same thing, but the point here is the shapes, the move up, the shakeout to the downside, the move up, it's going to run away. Oh no, this is about to crash. I'm not going to get back in. No, I'm going to buy at the top. No, I'll have to sell again. This is the way people wreck themselves before they can realize all that move to the upside. And what we're seeing with this price action right here, remember, we got the big boys in play. Drew, and you know what I saw this morning? I saw this right here. I don't know what, there he goes.

This key level that we're sitting on right here, it's not just the TA and the charge for futures traders and leverage traders. This is the ETFs, the average cost of Bitcoin during every purchase of people buying into the ETF and what it would represent. And look at this represented as a bit of support here, and this bit of resistance here, bit of resistance here. And yes, we did break back through, but we're just testing this zone. And this is goes back to what you and I talked about last, I think it was on Tuesday, that it's been four plus years of frustration in the crypto market that's been a little confused with the ETF liquidity that's come into the ETF market for Bitcoin, but alts never saw anything. So that sentiment in the entire crypto ecosystem is going to take some time to get that full swing back to the upside. But we're seeing it happen right now.