Bitcoin to close April above $90K? When & where this bull wave will top | Eric Crown market analysis

big moves in the markets this week as the bull market trend continues for cryptocurrencies i'm your host jackson at cointelegraph and today i'm talking to eric crown trader and market analyst we're going to be covering the all-time highs in bitcoin in ethereum this week we'll talk about the coin based listing and what that means for cryptocurrencies in 2021 and we'll answer the question when and at what price will we see a top to this bull market cycle stay tuned and find out but before that be sure to hit the like button and subscribe to our channel this week of bitcoin and ethereum made new all-time highs xrp pumped to nearly two dollars and coinbase was publicly listed on nasdaq all in all this is a pretty big week for crypto so do you see this um this is a liftoff for like another um upward trend or another wave in this bull cycle yeah i do actually i am still bullish here i think i'll still be bullish for a little bit of time i do think i'd like to differentiate myself from many people in this market as i don't necessarily think that bitcoin's going to get to like those crazier numbers on this current run right here i think we're already pretty damn hot on this one but uh does it still somewhere to go yeah i i do believe so i think that bitcoin's actually lifting off pretty much right now i don't see any real reason why it won't get to the deeper 60 000 targets like 69 to 70 000 bucks and uh you know maybe within the next uh you know by end of year i wouldn't be surprised to see bitcoin maybe even gun for six digits but at the end of the day i do want to come back down to reality because i see a lot of people out there like calling for you know a million dollars plus which is i mean maybe over time yes but within the next year i do think that it's important to kind of keep things more or less grounded which i i don't think that's in the cards like by the end of this year for example plan b you know the uh famous creator of bitcoin stock flow model still thinks also that there is some steam left in the cycle he calculated that if bitcoin's relative strength index were to hit levels similar to 2017 bitcoin could close april at 92 000 what do you make of that assessment i really like plan b i think he i've learned a lot from him by kind of studying his uh his material now 92 000 or 94 000 whatever the number was by the end of this month i think that's a i wouldn't be comfortable saying that myself no um what i would be comfortable saying though uh looking at the rsi which i believe he's looking at a level of like 94 or 95 which correlates with the last few cycles uh major highs essentially it's more or less a warning signal so what would also flow after that is he'd essentially be calling a top at those levels looking for what traditionally has been in the past every time that we've seen something like that a 70 to 80 subsequent drop over the next year or two after that signal is kind of met for myself i'm watching a few of the things that i think are a little bit more important in conjunction with the rsi you know it's fine tool but but i do think that it needs to be combined with other things i want to see uh of course volatility i want to see if volatility gets into some of the crazier numbers we almost are not almost always we have always seen and this is just true for general market knowledge that anytime you're approaching a major high or a major low you want to see volatility really get up there really redline and then also the third portion i think just something relatively simple to kind of be looking for would be anything uh resembling a weekly reversal as that has always gone the macro moves in bitcoin to be fair means you're not gonna get the ultimate top or the ultimate bottom in that case but it will keep you in those long momentous drives that typically last you know a year plus gathering from what we've been saying so far it seems like bitcoin is approaching some kind of top soon given the rsi and given the other factors that you were specifically talking about um and yet we still have these predictions about bitcoin reaching a hundred thousand dollars by the end of the year so do you see like if we top in in the next month or so um as indicators seem to be suggesting um do we still have the chance to reach that 100k mark by the end of the year if we're going to see um a 70 drop over the next year after that top yeah absolutely i mean these things can happen rather fast especially in very uh immature markets like bitcoin i mean we have to remind ourselves that realistically bitcoin's mark cap is still what it's some maybe like somewhere around 1 trillion actually don't know the exact number off the top of my head i know the full market's like 2 trillion but put that in context with something that you know is rather antiquated but uh but relevant and that would be gold and what's a smart cap like eight or nine trillion i think it was like close to 10 but you know she also got the rug pulled out of it recently as well and uh and so putting those those two things together you know i do think that bitcoin has long term a long ways to go but it is rather young right now and we have seen in the past especially in the if i pull up my charts over here i don't know if you want me to show charts or not but um but if we do go back to uh you know the 2013-2014 cycle there is actually a clear 70 downside move from the high of about 250 in april 2013 all the way down to the low of about 80 bucks in uh in july 2013 and then it reversed to basically go up another 500 600 in the same year to the ultimate high do i think that we could see something like that somewhere uh on this run yeah i do think so actually yes but uh i do think after that first sort of one one of those monolithic targets gets hit you know like a hundred thousand bucks i'm looking anywhere between about 90 to 100 and 11 000 bucks um you know i do think we're going to see one of those nasty reversals a lot of people are going to be baptized in blood probably and uh and then continue on with the party you know a little bit later i don't really see any real reason uh fundamentally speaking while the market would you know reversal long term here i mean obviously macro it's mostly been an uptrend and i still think that bitcoin has a lot of things to look forward to in the future like an etf i think that that's very possible by end of this year very likely at the very least by next year all the infrastructure is being built up right now and that really legitimizes this as an asset which i think is very important i i think that's a nice little segue into talking about the coinbase news which happened this week um i'm sure you have some opinions about it um coinbase directly listed on nasdaq making it the first crypto exchange to do so and the first major crypto or one of the first major cryptocurrency companies to do so um the ceo of crypto asset management firm script believes this is a huge milestone for the crypto space do you buy into that hype 100 yes it's a huge it is a huge deal now is it huge within the context of like crypto twitter where people go a little bit off the deep end and start you know saying okay well now we're going to 2 million bucks uh no i'm i'm not on that side but i do think it's a very important thing it builds up the legitimacy of this asset it started with cme futures uh three yeah about three years ago now um in december uh yeah december 2017 and that that laid the foundation for the traditional world to kind of integrate bitcoin into it and i've been saying for a while now and i think i think a lot of reasonable people think this as well is that the true end game for bitcoin isn't necessarily like the crypto anarchist view which i love that peter brant made that term i think it's genius uh that's cool that's great i'm glad that people are you know really uh gung-ho about you know bitcoin it is cool it's great it's great of technology however um at the end of the day i don't think that most people want that most people don't want to be their own bank most people don't want that responsibility most people want the exposure to bitcoin without having the risk that you might incur you know especially pre all these events um and then now we see obviously coinbase getting legitimized it's getting absolutely astronomical evaluations i do think that there's gonna be some downside there yeah but uh but long term it's a very good thing and now we even see uh mini futures for cme as well for bitcoin and uh cbo's talking about listing bitcoin features again and also options i mean this is all very good stuff because what it allows is it allows you know more traditional investors who typically hold more money and bigger you know quant firms and bigger uh money managers to have more security but with the means that they typically know which is hedging and that's the whole purpose of these derivative contracts um on top of that you know with the whole coinbase uh thing you know it opens up the open up it opens up more roads for more exchanges and i mean they're just i mean these things these things are so valuable right now it's it's it's actually insane but uh an etf down the road is is very much not out of the question and that's just gonna allow it's just gonna be another venue to get your money into this asset get some exposure and coinbase itself being listed on there is really great especially for you know people who are uh more more more akin to like the i wouldn't say the older way of doing things but like just the usual way of doing things you know for example if you were a gold investor you don't just invest in spot gold you also get a gold etf you also get the gold miners now you can basically do the same thing with uh with bitcoin by buying coinbase is it at the end of the day though i mean are these things like really diversification within the actual asset not really i mean we see the whole damn market moving with each other you know if you you got to you got to be looking at nasdaq you got to be looking at spy you got to be looking at dow jones all the same time and they've all been going moon mode as well and bitcoin gets to fall so everything in this world gets to rally as long as we're kind of stuck within this current you know fundamental narrative of uh i guess the new normal as you say yeah those are some good points that i think were echoed um by a lot of other people in terms of you know giving bitcoin more exposure to traditional market instruments which was what coinbase does um but i but i recently spoke to mike mcloone uh bloomberg's bitcoin strategist and he seemed pretty confident that we would see a bitcoin etf this year and possibly even within the next three months what are your thoughts on that i i agree with him i've been saying this for the last few years that 2021 is very very likely i think by end of year it is certainly not out of the question and if i had to guess if i was going to give some very strange prediction here it would be something like this kind of alluding to our conversation earlier you know does bitcoin top out after hitting one of these crazier numbers in the deeper or some somewhere around like close to six digits uh yeah you know i think so and then comes down and then an etf you know starts to get populated into the news cycle and then the whole thing kind of begins again and an etf would be a bigger you know deal obviously than coinbase getting listed to begin with and etf really is i suppose like that that is you know you've gotten everything that you want at that point pretty much and uh and that will really be a major hype cycle uh definitely bigger than of of course coinbase definitely bigger than cme futures it'll be the it'll be the most important thing that's happened in this uh in this asset class um that i can think of i want to turn over to ethereum but it made a new all-time high this week in anticipation of the berlin hard fork the hard fork update aims to address some of the transaction fee issues that have been plaguing the ethereum network this year despite these issues billionaire entrepreneur mark cuban believes ethereum is as close as we have to a true currency do you think ethereum's thus far unresolved transaction fee and scalability issues will have a negative impact on eth's growth in 2021 um this is a very interesting question uh the uh the answer that i'd give is no because i think that most people either are unaware of these things or do not care and they probably believe that uh the you know the developers within ethereum they probably just trust that they're going to resolve these issues over time anyways it's essentially baked in i mean i'm looking at ethereum right now and uh nothing bearish about that chart you know in fact if i you know if i'm making a correlated bitcoin that actually makes me believe we just we kind of just lift off from here anyways um you know you see this whole market move together right now and the ethereum's kind of leading i suppose and that one uh you know regardless of what the of of of kind of the scenario that you just presented there uh at the end of the day man um there's nothing bearish about that chart so i'd have to say i i don't think that people are are they're either not concerned with it or they believe that it's going to be resolved anyways uh you know similar to like uh you know naysayers for bitcoin who are worried about like i don't know quantum computers for example like they figure that the bitcoin developers they're going to figure out that issue before that becomes like a widespread issue to begin with interesting comparison um although i think high transaction fees already exist whereas quantum computers i don't think present as much of a very true very true yes you know immediate threat to the bitcoin network um but you said that ethereum is uh leading the market or looks to be leading the market do you think that if uh eth has more upside potential than bitcoin this year um does it have more upside potential uh yes it does just because for the simple fact that it hasn't run up as much uh as bitcoin just yet bitcoin typically kind of sets the tone for the macro cycles and then all coins follow in general degrees of relative strength i mean we have a rotational market going on and actually to kind of go back to that to that prior question i i do fee i do feel like it kind of deserves a little bit more attention um the other reason why i say that is that most cryptos i mean they're just getting free rides right now you know if you're just in the crypto space you get to go to the moon pretty much um people don't care about the underlying technology for the most part you know you we have that whole meme within this market that's like i'm here for the technology most people are not uh most people don't use these things on a day-to-day basis most people have no interest in that they just look at this as speculative assets which is fair enough i mean that's you know that's that's keeping the whole thing going i mean look at uh doggy coin for example right doggy coin goes to the moon you know do people think that there's something going on there i don't believe that they correct me if i'm wrong but i don't believe that they develop on it anymore i could be wrong in that certainly but my point is is that like obvious things that really i'm not so sure have any intrinsic values a whole loaded term to begin with but um you know it's it's just like ethereum's issues or perceived issues just don't really seem to really i'd imagine they really don't even cross most people's minds i think i think that's a fair assessment um do you have any particular targets for eth that you're looking at for this year uh oh i mean like short term medium term i'm looking uh just under three thousand bucks i think that's a big one uh of course long term you know you're going to have your psychological numbers after that point i mean if bitcoin really gets going i don't see any real reason why ethereum can't get to 5 000 i know a lot of people are talking about 10 000 bucks as well i mean in this market you know anything's possible right is it probable i don't know about this year i think over time there's i don't really see any real reason why not but uh for this year um i'd say three thousand is is very very likely uh five thousand i i think is uh is strong strong probability as well uh mostly depends on what bitcoin does if bitcoin starts to reverse then you got to start to hold your breath for everything else as it typically does uh you know set the tone yep yep and then if less when we see the etf it's liftoff time right yeah there you go right um but you did mention doggy coin aka doge earlier and i did want to touch on that briefly um in terms of the whole you know the underlying technology doesn't really matter this is a prime example of that sentiment in the market where we see these and we've seen it before um these kind of media hype cycles that drive price action um the previous events where this happened were with the game stop robin hood craze where uh the traders got locked out of gamestop by robin hood and then everyone kind of flooded into doge you know time to pump the coin and make some money because you can't on gamestop something like this right um and so the complementals are on full display um particularly in doge is the epitome of that scenario um in on april 14th in just 24 hours the coin soared 80 percent uh and made it into the top 10 cryptos by market capitalization but what are what are your what are your opinions on this kind of like strictly pump mental coin why is this in such an outlet for it's like pent up trader energy well i mean there's there's like a good actual grassroots following on that one funnily enough um but everything in the market kind of gets a free reggie that we saw the same thing in the 2013 2014 cycle we saw the same thing in 2017.

Uh doggy coin is is no different than anything else in my opinion it's just the what is impressive about it actually that it has remained uh somewhat relevant over time i think that's just because you know who doesn't love that who doesn't love that meme like it's one of the funniest ones you know it's survived for a very long time so uh you know with that i don't i don't think that it means anything for the underlying technology or at least very little i think that people just in general are looking for something that is you know cheap right and uh and they see you know i think it's trading at like what 10 cents now no 13 13 cents okay this is just absurd but uh there's no i actually think that is probably going to go higher just look at this chart right here that is just absurd man but yeah you know everything gets a free ride in this market uh when bitcoin's bullish ever you know everyone gets to rally up and i i figure that's what we're seeing with doggy coin i feel that's what we're seeing just across the market you're seeing all the coins that pretty much got sold off like 90 plus percent in some cases 99 from the 2017 cycle they're getting their rallies in two but uh doggy coin actually funnily enough this one is like a known pump and dump it still will pump and it still will very likely dump as well so you know it's it's it's the same game uh it's you know i i wouldn't expect any different resolution at the end of the day though when bitcoin reverses this one very likely does too awesome any final thoughts for our audience uh yeah i would say this um i don't want to be the uh i don't want to be the the mega moon boy i don't want to be the mega doom boy at the end of the day you know this market remains bullish i don't see any real reason why it's not right now uh you know we look at this every day on my live stream on my channel and you know until we see some signals of you know of you know of a major long-term top i don't think that there's any real threat of you know the rug being pulled under uh from this asset as it stands right now and like i said there's a few other big things to be looking at in the not so distant horizons so you know while i do think that things are getting rather hot uh and while i would definitely want to kind of step back from the more egregious uh moon boys out there and also doom boys as well i do think that bitcoin still has you know uh at least a little bit more of upside here a decent amount most likely i wouldn't be surprised c6 digits this year and um and then you know just kind of handle it from there until i see a weekly reversal i will not be calling a high i will not be really pulling out at least of spot markets for that time and uh just trying to enjoy the ride and with that said i just want to say massive thank you for having me on it's been an absolute pleasure i really enjoy being here and thank you lovely thank you for joining us eric thank you everyone for watching that was eric crown trader and market analyst i'm your host jackson at cointelegraph and if you enjoyed the video please hit that like button and subscribe to our channel so we can bring you more informational and awesome videos like this one

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