What Happens After Bitcoin Hits $100K? | Bitcoin Simply

Nico Moran (0:00)

Yesterday, Bitcoin dropped from like 87k to 82k. And today, we dropped from 82k down to 80k. But why?

People are always gambling. People were gambling that the price of Bitcoin would go up, and they were wrong. $1.5 billion of leverage in the markets were wiped out. You invested in Bitcoin, you should feel like an idiot.

Hasan Minhaj (0:19)

The only thing that should double that quickly is the value of Bitcoin, just kidding. That was a garbage investment, and you're an idiot. Bitcoin is just beanie babies for tech bros.

Nico Moran (0:29)

It stays like these when Bitcoin is a digital beanie baby find their legs. And it's because people don't realize the fact that Bitcoin was a $6,500 a coin when Assan Minaj made this joke. The joke's on him. You see Bitcoin's volatility and you might be wrestling. Is this an asset that I should get into? Should I sit on the sidelines? Well, today, I'm going to explain why Bitcoin is something that you should consider for your portfolio and why if Bitcoin hits 100K, the race is on. The people who hold win, the people who trade get washed out. This is Dante Coke with Bitcoin Simply. Let's go.

If you've listened to the intro, you know that Bitcoin's seen quite a dip. We dipped from 87 to 82, back down to 80, back up to 82 or 83 right now as of recording. And if you look at what actually happened, there were $1.5 billion worth of leveraged longs liquidated. That's people trying to yolo into Bitcoin, betting that their price is going to go up, and when the price goes down, well, they have to sell all of those options at a loss. They bet the exchange closed them out automatically by buy money. But the part that nobody's posting about is if you look at a liquidation map like this, there's some liquidity sitting between 78k and 80k, but the majority of the liquidity in Bitcoin right now is between 82k and 90k. And the price tends to move where liquidity is because people are not going to sell their Bitcoin at a loss.

There's a lot of psychology going on in the market right now. People are waiting for Bitcoin to hit new lows in October, when historically it's been its best performing month, that in November. People are waiting for Bitcoin to sell off. People are psychologically broken that Bitcoin's down on the year that it's supposed to be green. It's down to an half percent. If you listen to this great podcast between Joe, Dr. Jeff, Hoddle, Bitcoin Mentor, you understand what's actually going on in the markets. And here's the positive side. What happens if Bitcoin breaks 100k?

SPEAKER_3 (2:14)

For us to have a green year, we're only like 2.5 percent away from a green year. We came in at about 88,000, a little over 88,000 in January. So that's just a boring afternoon for Bitcoin to get above 88 there. And then additionally, the back to 100 is only 20 percent move. It's less than a 20 percent move from where we're sitting right now. That's not difficult to do. I'm curious, Joe, then, if you think that the calendar call, looking for that low in October, do you think there's still capital on the sidelines determined to wait until this month is out before they come back in?

SPEAKER_4 (2:43)

Yeah, I absolutely do. I mean, that's why I go into some of the crypto trader rooms, because I hear them all talking about this like, oh, it's 10 years of data. Never led me wrong. Maybe it happens in November, not December, but we think lower lows are coming. There's still people making 40k calls.

I think there is a lot of capital. And then more importantly than the capital that is waiting from the traders is I think that psychologically the media and the narrative it starts going once you get close to 100k. That 100k is a massive psychological thing. I mean, for normies, I think once you establish 100k as the floor, I think it unlocks 200, 300, 400k.

SPEAKER_5 (3:23)

100k is almost like the starting bell. I said this on previous pods, but I went to the bar with my friends who none of them hold Bitcoin despite years of me proselytizing to them. And without being told from me, they all knew the price was 100k when it was around 100k. Just they all knew that.

Nico Moran (3:40)

100k is the starting line. That's the psychological barrier where your neighbor starts to ask you about Bitcoin. How Bitcoin somehow with six digits of numbers begins to be attractive to people. And it gets people who have been in Bitcoin, who have gains in their Bitcoin to think, should I sell my Bitcoin? A real great conversation came up from the call in person on the Dave Ramsey show, where their husband has about 600k in Bitcoin, and the wife wants their house paid off. Listen to the real psychological dilemma and tension that goes on with people who've held Bitcoin for a while.