Bitcoin RALLY above $11,000 - Excited or Scared?

So the moment has come guys, Bitcoin, the sleeping giant, has finally decided to move. We have Bitcoin breaking past $11,000 just in a snap just like that. And all of a sudden, people are freaking out about Bitcoin. If you know the narrative, Bitcoin has been lying pretty dormant for the longest amount of time. It sat pretty much in this triangle between $10,000 and $8,500. And what we were seeing back then was lower highs and higher lows. So we're reaching this apex point. We're talking about this apex point, which has finally arrived. Now, Bitcoin is finally going to do something drastic. So while this is very exciting for some because we see, especially me, I've been in the hodl mode. I've been telling you guys, I've been hodling Bitcoin, Ethereum, VeChain for the longest amount of time. It's also scaring a lot of people because a lot of people who are in alt currencies, altcoins, they're a little bit freaked out. Because as we've been discussing, when Bitcoin moves up, all right, when it moves up drastically, everyone else bends a knee. So all the altcoins are like, we'll bend the knee. Well, we know, let's Bitcoin shine for a while. So today I'm going to talk a little bit about what my take is on the situation. And yesterday we saw a lot of freakouts happen. And I'll tell you guys a little bit about what I'm doing and why I'm not freaking out or whatnot. Because you probably know I've been going pretty big into DeFi as well. And at the same time, also with Bitcoin. So that kind of explains why I'm not freaking out. So anyways, we'll cover a lot about what's happening in this episode and also some kind of views for the future as well. I hope you guys enjoy it. We've been covering a lot about decentralized finance on this channel. So I'll put my playlist up here if you guys want to follow everything that's going on. This dynamic with yield farming, with that went well last week. And then with all of this new developments, we'll also talk a little bit about the narrative right now. What's happening in that space in this episode. And also we have a t-shirt giveaway this week. So if you want one of these cool anti-social crypto club t-shirts, make sure you stay to the end. I'll tell you how to get one of these at the end. Next up, let me tell you about my podcast, which is called Bitcoin Out of the Box. It's designed to bridge that gap between institutional investors, those privileged guys who know everything about what's going on, and us in the retail space. So we have a lot of interviews with CEOs, with investors, with everyone who is deep in the space to get you caught up with everything. Starting off, let's talk about Bitcoin. So over the past few hours, it's probably a better look for us. Over the past eight hours, things have been going nuts. So we started off trying to test that resistance line. So pushing up to $9,500. And then once we broke past that resistance line, all of a sudden, we just pushed up all the way now to $11,000. So that's a huge move for Bitcoin, a sudden 10% jump for Bitcoin. And what is exciting for everyone here is the fact that once we break out of this switch, once we're looking for this breakout, then we can start exploring territory up here. So suddenly, all of a sudden, we have to expand the scale a little bit. And something that we do know, and I saw this being posted up yesterday. This is, I'm not sure even if it's real, but this is circulating in private groups, in various chat groups. But it really tells us the story and the narrative of what's going on. So this supposedly is from Citibank. And Citibank is saying, the guy, the researcher from Citibank is saying, look, initial resistance is met at $10,000 to $10,820. And then the next level is $13,85. And then the next one beyond that is $19,511. So pretty much common knowledge at this point. Everyone, this type of information is being circulated in every sort of chat group that's going on. The banks know about it. Everyone knows that we are exploring exciting territory here because all of a sudden, we broke out of that depressing triangle that we've been stuck in. And now we can start moving and exploring. Now, this is where things get very exciting. But at the same time, we have to be a little bit cautious. Because of this movement, there's definitely going to be a lot more trading. So I can foresee a lot of people jumping on, potentially even placing leveraged orders. For me, I personally didn't do that. And this is one of the reasons why and one of the warnings why is because of the past time that this happened, there was a Bart Simpson formation. So what exactly is a Bart Simpson formation? Well, it's a pattern that goes straight up and it goes straight back down again, crashing anyone who gets stuck up here. So anyone who buys up here hoping that we'll push up higher, well, this is going to destroy a lot of people on the way down. So this is something that did happen. So let's just take a look. It happened quite a few times. Probably the most kind of clear-cut time that happened was on June the 1st. So it spiked up in a very short period of time. We're looking at the one-hour timescale. It spiked up and then spiked down again. So this is one of the reasons why I'm still quite cautious. If you know me as a person for my style, I'm a little bit more cautious. And this time, I didn't feel it was necessary to go straight into the leveraged positions. I actually have positions in Bitcoin, so I'm excited for that anyways. And as I told you for the past two or three months, I haven't really touched my huddle. And my huddle consists of a lot of Bitcoin. So I'm excited. I'm pumped going forward. Now, I'm also cautious about anything that's drastic movement-wise. And this is mostly because for the past few months, movement in prices of Bitcoin have largely been controlled by whales. So whales are people who have a lot of cryptocurrencies, well, a lot of Bitcoin rather, and they can cause these giant spikes in movement. So movements like this is caused by these large buy or sell orders that are executed likely by one or two parties involved. And the mechanics of what happens, I've been doing research on that, is actually very clear. So these guys have around 100 or 200 plus million dollars of Bitcoin. And what they do is they load them up into over-the-counter desks, and then they tell them, execute all at the same time. And what these desks do is then they start, on every single exchange, start selling or buying large amounts of cryptocurrencies, depending on which way their clients want to execute, and cause large shifts in the movement. And then for us, all here, like, oh, whales are moving. That's kind of the mechanic of what's happening there. It's very coordinated in terms of kind of clients instructing large trading desks to execute these orders. So I'm quite cautious of whale movements a bit, but something that I've noticed here is that this isn't very signature of a large whale movement. Typically speaking, for large whale movements, typically speaking, they're like this, a single spike. But what we've been seeing is that over the past eight hours, we've been seeing that growth. So I'm actually more optimistic here. I'm not completely off guard, so I'm not completely like, oh man, this is the best thing in the world. But I'm much more optimistic with this growth at this current point. So honestly, with the Bart Simpson pattern, it could happen, but I personally, I don't really think so. This looks much more organic. I'm much more optimistic than that, especially because right now, in terms of the whole narrative, DeFi has been taking off like a storm. If you've been following this channel, we've covered so much that's happening in the decentralized finance space. And recently, obviously, in terms of price movements, that's where it was all at. A lot of new coins are being listed, and all of a sudden, everyone's excited about using Uniswap, Balancer, oh my God, talking about new projects. There was a switch that was flipped at around a week ago. And this is when I actually moved into Hyperdrive as well, when I started massively yield farming that worked very well for me last week, and then followed by this week, looking at a lot of different coins, re-entering a lot of different groups. In fact, even paying money to purchase entry into chat, paid chat groups to just see what's going on. And for the next few videos, I'll definitely be relaying my finding to you guys as well. I want to bridge that gap. I want to give you guys the knowledge. Arm you guys with the information. Speaking of chats, if you look at r slash cryptocurrency, I find it quite funny. A lot of memes are coming back, like 2017 memes, never forget. We also have this excited meme, wow, we're advancing Bitcoin, 10,500. And that was just a few hours ago. They're so excited for 10,500. What about 11,000, right? So you see a lot of memes coming back, and you also very drastically notice that these numbers are going up. The number of people browsing what's happening in the discussion is going up. So something I also noticed that's quite funny is that while this is going up, a lot of people who are joining and are coming back to crypto are people who have been in 2017. So what's something I've noticed that in terms of the discussion is that people are coming back, being reanimated and saying, oh, look, I missed out, you know, for the past two or three years. Can you tell me and get me caught up with what's going on? In terms of absolutely new people, so absolute beginners, I've noticed them, but it's not the major majority. I feel like a lot of this activity are people that have been in this space before. And this is actually quite important as well, because this also goes to show what's kind of exciting people right now, because people have obviously, if they've been through one of these cycles, they've also learned a little bit. And something that's quite interesting is in terms of the old currency space, coins that are moving up, for example, YFI, you'll see that this is why you're farming. And something that's interesting with them is that they're getting a lot more interest these days because people know that there was no initial pre-mine. There was no pre-sale for this. And there's very, it's lower dumpamentals about what's going on. So I feel like that's something that people are looking out for in terms of strategy this year is to watch out for something that has insane dump potential. So that is, of course, if someone sold coins very early on, that dump power can come in and potentially crush the price of a coin. And people obviously don't like that. Speaking of yield farming in terms of my strategy, I haven't always been the strongest hodler of YFI. I've talked about mining it or liquidity mining it that I've been doing last week. This week, if you're looking at strategy, something that you want to follow, and I'll talk about on this channel once it's released, is that CurveFi is going to release their CRV token this week. So that's going to give you quite a lot of farming potential. And in terms of the farms, in terms of what I'm actually doing with the funds that I was liquidity mining, I actually haven't moved it out of Y yet. Reason being is because CRV is coming this week. YFI farming is also coming back probably later on this week, depending on how fast Andre Kronik can code his contracts. But I haven't really moved it out that much at all because you still have a 10% APY and moving out, apparently withdrawing is quite expensive. It actually costs, for me, when I saw it, it was around $60 to withdraw out of Y. So that's why I haven't really moved out that much. I'm a little bit of a cheapskate there. So that's kind of my strategy going forward in terms of Yore farming and definitely catch up with this channel if you guys want to know what's happening. The latest digs on what's happening in the Yore farming space is definitely something that you have to watch out for this year. Speaking of that as well, I have Box Mining channel, which boxmining.com. The newsletter is just getting started. I'll put the link down below so you don't have to type it stupidly like me. But it's going to be weekly slash to every bi-weekly newsletter. I'm starting it out. It's very, very early. It's not paid for now. So I'm not going to charge anything in. So if you guys get in, you'll get grandfather in. But potentially in the future, I'm looking to make this paid so we can actually pay people to research and get the team up and running. So that's kind of the dig of what's going on. And lastly, we have these shirts. This is the giveaway this week. So if you want to have a chance to get one of these, type notification squad every time a new video gets released. So the best way to find out that when it happens is just click subscribe, notification bell. When they get released, type hashtag notification bell and you have a chance to win one of these. And you must type it within the first 12 hours. That's the secret. Anyways, guys, that's it for today's episode. I hope you can catch up with everything. And with that, see you next episode.