Why Price of Bitcoin is Headed to $40k (HINT: Tether)

as i told you guys last week there's absolutely nothing to worry about when it comes to the price of bitcoin it is about where it should be right now most people probably believe that bitcoin is going to drop down to 9 600 before it is ready for moon time but what if i told you a scenario exists where bitcoin could be hitting 40k within the next month you probably tell me i'm absolutely crazy and you would be right but that's totally beside the point for this video today we're gonna be looking at a chart that suggests bitcoin is about to hit some crazy movement and maybe all-time highs well before many think that we will get there i bet you guys would take that let's get it welcome to bible crypto the hardest working channel in all of cryptocurrency if you're new hit that subscribe button and check the description for links you can use to connect with me in the bid squad all right guys today we're going to be examining why bitcoin could be about to absolutely blow up crypto window will be joining us to look at some ta on bitcoin that will enhance your understanding about the chart we'll look at today so you know what moves you can make with your crypto investments then we'll be taking a look at some dangers regarding the crypto space so why do people believe that bitcoin is ready for a massive explosion to the upside look no further than tether tether that goes by the ticker usdt is a stable coin always valued in one dollar stable coins are massive in the trading world 60 of all trading involves stable coins despite the fact they only make up a small portion of the overall market when people make big moves in or out of the market then they often do so with stable coins what we have traditionally seen is that when tether prints more usdt the bitcoin price explodes like clockwork over the last few days it seemed like a breakout is imminent maybe it even happened by the time you're actually watching this video the reason why tether prints more usdt though is based on the belief traders need a higher supply to keep their trades liquid you kind of think of tether like a sprinter at the olympics the way the best sprinters beat everybody else to the finish line is not only based on speed it's also based on their ability to anticipate the starting gun tether anticipates huge market moves now look this ecosystem is still driven by insiders and institutions just facts as retail investors we can take advantage of the fact that we know that and we know tether knows when big moves are coming it seems like lately everybody has been so bearish and it also seems like since we weren't able to hit the cme gap at 9 600 did the big traders now want to move the charge in the opposite direction now the odds are still that the gap will fill but it's starting to look like it might be after another crash on twitter market cyclist cole garner said his opinion about the matter attached with a chart on this chart he shows the correlation on the bottom of the chart between the tether printing events and the bitcoin price action at the top consistently we see big moves for the printing of usdt and when we don't get a huge move up we get sideways action the price does not drop over the midterm bitcoin basically 4x after one major usd printing event could we see fireworks over the next month and bitcoin could hit 40 000 well right now it feels like things are getting very interesting in crypto again so let's find out what crypto window believes is going to happen to the price of bitcoin and its relationship to usd printing hey wendy good to see you what do you see happening with the bitcoin chart right now following the most recent usdt printing event thank you for having me back bitboy and shout out to the bit squad let's talk a little bit more about tether so generally when new tether is printed the market should pump as money is being pushed into the crypto markets however that is not always the case and this is why so as a trader i myself and other traders we like to lock our profits into usdt so that profit is not impacted by market volatility so generally when we're locking our profits into tether or moving it over into tether money is essentially leaving the market and this will impact both bitcoin and altcoins because additional liquidity that initially entered the market essentially is leaving so let's go ahead and take a look at bitcoin and see what the market is holding for us so this is our bitcoin daily chart i know i've got a lot going on here so taking a look in the mfi indicator this is indicating money entering and leaving the market we're kind of flat and we're also presented with a little bit of downward tick which is not really really bullish because this is saying money is leaving the bitcoin market taking a look at macd macd is bullish it has a bull cross here and it price should essentially be heading up however we don't see confluence between these two indicators so that's really not a good sign especially for me i like to see confluence with my indicators now taking a look at actual bitcoin price we are sitting beautifully above the ema 50 and the ema 21.

So this is a little bit bullish however we were really unable to get above this area of about ten thousand nine hundred eleven thousand dollars which is pretty pretty crucial um crucial area of support that needed to be flipped so instead it's acting like resistance yes our ema's are still looking pretty decent however our ema 100 is acting as beautiful support at about ten thousand four hundred dollars here so a failure to really close above eleven thousand dollars ten ten point nine is a little bit bearish for me also too another thing to note is we have our ema 200 acting to support down here at about 9 700 where the cme gap is so let's take a look at our four-hour chart for our chart is also showing pretty heavy resistance here at about 11 000 and we are essentially teetering on this ema 200.

This is bearish to me and i'm actually expecting price to kind of drop to about 10 600 and even to about 10 300 so overall bitcoin is kind of it could really can go up or down which i know most of you don't want to hear that so i will what i will tell you is that a flip of support at about 11 000 would be bullish and i think that we would be able to see um a pump to about 11 700 however if we're not able to successfully do this price will fall to this ema 100 at about 10 300 10 400 so over the weekend it's a little bit uncertain what will happen so really make sure you guys pay attention to this daily candle close at about 11 400 because that's pretty much the make or break thanks as always wendy great insight you guys make sure to go over to her youtube channel and hit that subscribe button for daily ta and news but everything is not great in the world of crypto and even tether specifically regulation is taking over i speculated in previous videos about privacy coins the us is also in talks to ban all privacy coins or cryptocurrencies that don't use a public ledger and kyc further all wallet providers and cryptocurrency services like staking will be required to have kyc as well lastly all exchanges will be required to have kyc and aml similar to aml d5 or the anti-money laundering directive 5 which passed in europe earlier this january so what does all this mean well it means the wild west days of crypto are shortly coming to an end while there are a lot of negatives about regulation there are also positives regulation means acceptance and mainstream adoption it also means less scams will be prevalent in the space now the us isn't the only one moving another source states that the european union is also about to bring in regulation which has many projects scrambling for getting eu licenses to operate under the jurisdiction legally but wait there's more on the eu side the body of governments just recently discussed banning stable coins this is something the us may follow behind however it's more likely that governments will allow some established stablecoin projects to operate they're actually backed by something it seems that everyone has noticed the influx of coins claiming to be on parity with a one dollar peg but some of them aren't backed by anything that brings us back to tether so for our next story things are heating up for tether inc and also brock pierce the ceo may want to think about fleeing the united states and hiding somewhere 2019 pierce may have thought he was off the hook after bitfinex won a motion in the new york supreme court this win meant they wouldn't have to turn over documents pertaining to its use of the cryptocurrency tether until a future date if at all however in july of this year amid all the pandemic chaos a new york judge approved an investigation into tether this investigation is ongoing at the time of this recording but new evidence according to the financial action task force or fatf has showed that tether could be used for money laundering by criminal organizations if you've been living under a rock tether was previously accused of having ties to crypto capital which was involved in the infamous colombian cocaine business polish authorities seized 1.27 billion polish zlatis or 371 million u.s dollars from two companies one of which crypto capital being connected to bitfinex according to reports this is part of the infamous 850 million dollars seized from bitfinex via crypto capital that's not going to be recovered the bank behind tether was in poland banco i think i butchered that but that's literally what my teleprompter says so is tether backed by anything or is it like the federal reserve well the same bank and i'm not even going to attempt that name again was used by quadriga cx and they became insolvent oh and if you wanted to bet for or against heather solvency now you can with the ironically hilarious titled opium a derivatives exchange which has introduced credit default swaps for usdt although here's a news flash fiat is still the number one most used instrument for money laundering and drug trafficking period probably because drug dealers don't want to hold speculative assets which not only go up in value but more importantly can go down in value that would make it real hard to keep buying supply from the supplier except during bull runs i imagine it would be real hard explaining to tony montana that the drugs you just sold for him are now only worth 50 of what buyers paid that would probably result in a scarface moment next we're going to discuss another big story is rapper ti has been charged in a cryptocurrency scam by the security and exchange commission the u.s securities and exchange commission or the sec charged two crypto startups and eight individuals including rapper clifford harris jr more commonly known as ti with violating the securities act of 1933 and other charges due to their involvement with a pair of initial coin offerings or icos the sec alleged friday that film producer ryan felton misappropriated funds and wash traded cryptocurrencies using the proceeds from the two icos flick a digital streaming platform and coinspark a digital asset trading platform tia and atlanta residents owen smith chance white and williams park jr are charged with violating securities law for recommending investors by tokens from one of the sales without disclosing they were paid by the projects that's a bad thing but now it's your turn so what do you think about the bitcoin price will it be going up or will it fill the gap first let me know what you think down below in the comments section i hope you enjoyed this video if you did please make sure to smash the like button and hit subscribe to become a member the big squad thank you so much for watching have a blessed day [Music] you

You May Also Like