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Bitcoin where are we now is the Institutional fomo legitimate are we Headed to new all-time highs for Bitcoin Is it time to buy old coins we're going To discuss all of this and More in Today's video hey guys Sheldon Evans Here welcome back or if you're new here Don't forget to hit the Subscribe button And turn on all of those Bell Notifications on my display right now I Have the Bitcoin US dollar chart open And if you guys have been following Along either in the private Community or Even on Twitter you'll remember that We've been waiting for a bearish Divergence to play out on bitcoin and That bearish Divergence did eventually Play out and gave us a 20 move to the Downside so if you did take that trade Congratulations that's a huge win for You remember if you use the Bible Affiliate Link in the description below You'll get up to a thirty thousand Dollar deposit bonus if you trade on why But using that link so remember Bear Markers you can make money in the down And in the uptrend no matter where we're Going there's a chance or an opportunity For you to make huge capital gains there If you guys remember the previous video That I made a couple months ago about The recession I said that was an Opportunity to start making money so That you can accumulate coins when the
Time comes as you know all coins all Altcoins ethereum included depreciate Against Bitcoin over time and all Altcoins depreciate against ethereum Over time this is a piece of information That I've been sharing with you guys for Many many years that if you are Long-term trading altcoins you are going To lose out you better off holding your Portfolio either in Bitcoin or in Ethereum and trading altcoins for Short-term gains and rotating those Profits back into your Ethan your BTC Holdings but where are we now for Bitcoin what are the what does it look Like are we going to new hires what's Happening well if we look at the chart You can see that we did have that down Downside uh bearish Divergence but then We did get an Impulse back up to the Range High that we had previously which Is around the 30 31 000 level now we Have a new Range obviously that if we Break into that we could see potential Continuation to the upside to around the 35 to 37 000 range which we've been Speaking about in the community for many Many months these are the targets that We've had and we are eventually hitting Them now this doesn't necessarily mean That we're going to hit new all-time Highs and we can talk about that in a Second regarding the ETFs and all of the The new institutional firmware that
You're hearing throughout the crypto Verse 2.3 trillion dollar Asset Management firms are uh registering for ETFs they're registering for crypto Custody Services these are all things That are going to bring a lot of capital A lot of new capital into crypto which Is what we haven't seen for many many Months in the crypto market we've seen The same Capital rotate around that's Why when you see these small moves to The upside or you see accumulation Hitting uh converting into the upside That essentially means that yes there's More Capital rotating into Bitcoin but Altcoins have been declining we've been Seeing Bitcoin dominance the Skyrocket Uh like crazy because we're seeing a lot Of the capital not coming from new money Coming into the market but we're seeing The same Capital being rotated amongst Coins and because Bitcoin dominance is Rising it's just showing you a lot of That capitals Coming away from altcoins coming away From ethereum and heading into the Bitcoin dominance we can see that as Well with the eth BTC chart a lot of uh Decline against Bitcoin ethereum has Lost a lot of value against Bitcoin Since the September 2022 around 30 value Against Bitcoin meaning that Bitcoin has Been out outperforming ethereum at least In the last year or so and the reason
Being is that again there's a lot of Positivity around Bitcoin because we're Seeing a lot of these institutions come Into the crypto market now it doesn't Necessarily mean that the institutions Are coming into the market and just Immediately dumping all of their Capital Into Bitcoin essentially what it's doing Is it's legitimizing Bitcoin and this Can happen for many many other Cryptocurrencies that we see in the Market and we'll see this over time a Lot of these coins whether it's even BNB Which there's a lot of fun going on Around right right now as you guys know With whole binance thing that's Happening cardano Dogecoin Solana Polkadot polygon all of these coins once They are bought up by some sort of asset Manager even something like grayscale Grayscales fund has any of these old Coins in it it legitimizes these coins Slightly because the main Talk of the Town or at least people who aren't very Involved in cryptocurrency or in the Community that much when you talk to Them about cryptocurrency there's still This air of very much that everything is A scam which it might seem like if you Lose 90 of your your money that you put Into the market I mean even some of the Largest coins that we have the top four Cryptocurrency BNB is down 65 from its All-time high we've got to look at
Cardano which as you guys know many People made a lot of money and lost a Lot of money on cardano down 90 from its All-time high and when something loses 90 of its value it's very hard for you To explain to somebody else that hey This thing is not a scam it's just Something that I put my money in and it Went down now when you get institutions Like BlackRock there's many many Institutions coming out uh that are Registering for ETFs BlackRock Wisdom Tree investco Valkyrie Investments all Of these huge multi-trillion dollar Asset Management firms and hedge funds Are registering and trying to file these ETFs not because they believe that they Have a lot of money to make off of this But because it actually creates a new Narrative and if you guys have been Following me for a while you'll remember That one of the most important things to Do in the crypto Market is to follow the Narrative follow the sentiment crypto is A very or almost entirely speculative Industry meaning that there's no real Value that is behind many of those coins And there's going to be a lot of Pushback for that a lot of people Disagree with me on that but the thing Is that we're all speculating and all You're trying to do is beat the rush You're trying to beat the retail Traders When BlackRock files for an ETF and
People start investing in Bitcoin Through BlackRock it's not necessarily That BlackRock is going to pump two Three four five trillion dollars into Bitcoin and push the price up because That wouldn't be good for them either That's increasing their average entry Price essentially what they're doing is They've already acquired enough Bitcoin They've already acquired enough Bitcoin For themselves and for all of their Friends what they're doing is Registering for an ETF which then the Gym legitimizes Bitcoin and creates a Retail fomo into Bitcoin I mean retail Traders Traders like you and I people on The street who then see Bitcoin and see Okay this is a legitimate asset class And they start pumping their money into It creating a a retail parabolic fomo While BlackRock has been accumulating For many many months many many years Before that There's no reason for them to not do This now because they already have full Barebacks and this happens in pretty Much every industry this is essentially Insider trading now this is a great Thing of course if you have already Accumulated Bitcoin and you have money To put into the market but if you don't Have money to put into the market now is The time to start accumulating yes we Have already pumped significantly from
The lows up 100 from the lows from Around the fifteen thousand dollar range We've pumped significantly but there may Be a potential opportunity here of a Lifetime when we get a slight pullback And it's an opportunity for you to then Start accumulating again now I know the Macro Market is not very good we're very Likely headed into a very very deep dark Recession but the thing with recessions Is that it again doesn't affect those Holding assets as much as it does affect Those everyday people on the street Worth inflation running rampant people Not having enough money to buy food or Put food on the table or buy uh Home pay their rent or or buy cars or Buy fuel any of these things but the People with assets that have homes that Have apartment blocks that have crypto That have gold these people are Generally unbothered by most recessions And see it as an opportunity rarely as a Crisis to not go to waste they use these Crises to their advantage by Accumulating Assets in these times of Spare and darkness and depression so That when times turn and times change They can then sell these assets when the Market is green again and looking Looking healthy right so essentially What I'm saying here is that there's a Potential here to beat the narrative Beat the institutional fomo as you might
Call it which is actually retail fomo in Reaction to institutional investment Then there's an opportunity here for you To make a lot of money in the crypto Markets now does that mean invest in Altcoins now not necessarily although we Are seeing many of these altcoins down 1890 100 near 100 from the all-time Highest but it doesn't mean that they Can't go down another 99 although your Risk to reward ratio here is so much Better than it was investing earlier in The bull run I mean many of these coins For example BNB as the one we've just Been speaking about use it as an example When I first mentioned this coin on my Channel when I was first speaking to Otu eyes about this coin it was five Dollars that was in the March 2020 crash Five dollars that pulled a hundred X to Its all-time high more than 100x to its All-time high it's 67 and 95 dollars That's an insane gain it's still up 50x from its lows uh so even though Airbnb is down significantly from its All-time high is 66 percent it's still Up a 50x meaning that you could have Still made insane gains on this if you Held it but there are many other coins That yes if you got in early enough are Still up significantly from their lows For example Matic still up significantly 2 800 from its lows but if you purchased In the Bull Run you're in a loss right
Now why because they all bleed against The main altcoins like ethereum and Against the the big bad wolf which is Bitcoin right but if you get in early Enough you can still make potential Gains to the upside I'm not saying Maddox going up to and another 500 but What I'm saying is that your risk to Reward ratio Now is better than it was Previously and the thing with investing In altcoins specifically is take those Gains and rotate them into safer or at Least safer speculations or safer bets That you would see in your eyes and for Me that has always been ethereum as you Guys know still to this day 70 at this Point even maybe slightly more of my Portfolio is always in ethereum 30 is The Degen trading part of my portfolio 30 I trade with everything things that can Go to zero things that can go up a Thousand X all of these things as soon As that balance starts shifting from 70 To 30 percent I started rotating those profits into my Ethereum holding so you guys will Remember yes I was a huge lunable back In the day but did I make money on it Absolutely don't get married to your Bags there was a stage where I was Talking about cardano a lot and I called Cardano at two cents two cents to three And a half dollars is an insane gain and
Then at around two and a half dollars is When I made a video about cardano saying That uh cardano won't make you rich and I got a lot of pushback for that I got a Lot of heat for that saying that Karana Is not going to make you rich but there Was a two and a half dollars caught on Is now at 28 cents so yes cardano Wouldn't have made you rich but if you Had rotated into something a little bit More safer you might have protected your Downside slightly more So with that being said yes there's a Lot of bullish news in the coming months And potentially in the coming year for Bitcoin Bitcoin is being seen more as a Decor related asset from from risk Assets specifically as a potential hedge Against inflation a pen potential a Hedge against a recession right and if We can or if it can solidify itself as This this narrative and this becomes the New narrative around Bitcoin with all of These ETFs getting filed and if they do Get passed by the SEC It's very likely we get the asset class More legitimized meaning that people are More likely or more willing to invest in These in these tokens especially Bitcoin Then we could see potential continuation To upside if we do the same thing we Could get a potential ethereum ETF in The future maybe even additional altcoin ETFs in the future that just simply
Legitimizes the coin uh more which it Means there's more potential upside That's exactly what's happening with the Ripple case as you guys know there's a 97 chance that Ripple wins against the SEC now I'm not a huge Ripple fan but it Doesn't mean that I can't trade it make Money on it the thing is if they win the Lawsuit against the SEC again it just Legitimizes xrp it doesn't necessarily Mean that it's a great project or that It's a great coin it just helps the Narrative it helps the safety net in the Back of people's minds in the back of Their subconscious that they can invest In this thing and they're not going to Get rugged completely yes they may lose Money of course many coins lose money And drop 90 99 but there's at least a Chance for them to know that they're not Going to get rugged to zero potentially Of course there's there's always a Chance for that to happen but it does Help a lot with with the mindset of that Now again HSBC is rolling out a Cryptocurrency service in Hong Kong You've seen a lot of this SEC pushback From from the west and I've mentioned This on my Twitter that the US is at Least in the past has been very Resistant to cryptocurrency and they're Trying to regulate it to zero while the East is opening uh welcoming Cryptocurrency with open arms the the
UAE Hong Kong even China even though They've been Banning Bitcoin for many Many years they're always doing things Like this and they're they're actually One of the biggest trading markets in The world a lot of the the Cryptocurrency trading especially even With binance you know the whole fight Around binance with uh buyers basically Getting pushed out of the US and out of North America and so on that only two Percent of their volume was in that Market 98 of all of their volume is in The East so the cryptocurrency market Even though it took a hit from that news That binance is being investigated in Finance this and finance that It was a speculative hit meaning that The volume was still there it's just in The East and of course with the us being A superpower of the world we obviously Get that news and it affects everyone The thing is that all of this stuff That's happening has been since 2015 When I got into cryptocurrency has been Legitimizing crypto day by day by day We've been getting more and more Positive news yes this fight that comes In yes there's this price manipulation And Market manipulation with tether Fight and all of the stuff it doesn't Matter long term everything gets Legitimized because blockchain is the Technology and I'll say this time and
Time again blockchain is the technology That has changed the world and that is Here to stay there's nothing wrong with Blockchain the FTX collapse had Absolutely nothing to do with blockchain It had everything to do with centralized Entities Banks basically FDX was Operating as I've said again on my Twitter as an unregulated bank or in Many cases a regulated bank with any With no proof of reserves and that's Exactly what they're trying to do in Their the market now with some of the Centralized exchanges is they're showing Proof of Reserve showing that they do Have the money to back up the crypto That you're buying on their Exchange but At the end of the day remember there are Many many best practices in the space Self-custody your stuff get yourself a Hardware wallet get yourself multiple Hardware wallets do a multi-sig there's Many things that you can do to protect Your your assets and at the end of the Day if you're here for crypto and you're Sticking around and you're watching this Video right now welcome back the bull Market is is ahead of us and I hope we All make a ton of money together if you Want to follow these updates you want to Know which altcoins I'm going to be Buying and what I'm going to be doing Follow this channel hit the Subscribe Button give it a like and comment down
Below as always I shall see you in the Next video cheers