Bitcoin: Conquering Four Peak Mountain

hey everyone and thanks for jumping back into the cryptoverse today we're going to talk about bitcoin taking out four peak mountain if you guys like the content make sure you subscribe to the channel give the video a thumbs up and also check out the telegram channel which you can find a link to in the description below we also do have the premium list the prices are going up in about a week make sure you check it out if you want to lock in the lower rate you can do so for one more week let's go ahead and jump in so taking out these four prior peaks has been something we've been looking forward to for quite a long time this is the you know this is the the prior local top that we saw earlier in 2021 uh also a lot of people will remember this as sort of that wyckoff distribution phase and what we want to do in this video is take a look at what all what every single one of those peaks ended up corresponding to their price valuation so that we can keep an eye on it as we continue to approach those levels okay so the first one the very first peak over here took us up to a very modest 58 000 0.4 k right 58.4 so about another three thousand dollars higher than where we currently are so this will be the first milestone that we'll want to take out beyond that the second one is actually close to 59.6 k all right so it would be right there my speculation is that again this is very dubious speculation right don't mind me i'm just over here dubiously speculating my speculation is that it's gonna take a little bit of work to get through these we're not just gonna blast through all four of them maybe we blast through one or two of them i'm speculating that we might have to spend a little bit of time fighting uh to decisively break through the third one which actually corresponded to being the second peak is actually around a very modest if i can get this right sixty one thousand eight hundred and fifty dollars so this will be peak three and then to grab the final peak we are looking at approximately 64.8 k okay so these are going to be the primary levels that we're going to want bitcoin to break through now one of the other things we were discussing is this uptrend that bitcoin is in i know a lot of people are very skeptical of this trend but as as far as i'm concerned you know bitcoin isn't an uptrend right i i i know there's a lot of people that have are thinking we're going much lower and you know there's always retracements in in in play we could always see corrections and whatnot but we also know that bitcoin held the line after having a golden cross and after getting above the 20-week estimate right we held the line historically speaking after bitcoin holds the line it deserves to go on a little bit of a rally now does the rally have to extend the same amount of uh time and length that this one over here did no if you go back to 2017 2016 some of the rallies didn't extend that far right this one took us from like 6 29 up to 1168 or so and then all the way back down to 746 and then back up to 1323 and then back down it's not like every rally has to take you on on a on a crazy crazy move that you never see the 20 week or you don't see it again for six months but you must always be prepared for that right you must always be prepared for it so we look at this and i say well bitcoin held the line this is what we said needed it needed to do right it needed to just hold a line and and what happens when you hold the line this is what happens and you can see how quickly bitcoin has moved off of that line after holding it as a reminder the price of bitcoin was below 41 000 on september 29th it's already at 59 or 55 000. so it's made a fairly impressive run so far but it's going to be coming up on these on these prior four peaks that might give it a little bit of trouble now if we were to dubiously speculate on this general uptrend which we've done before and as i've said before drawing lines is certainly not my forte but i will try my very best um and we'll just draw these draw these lines right we'll try to try to figure out what kind of uptrend this is in and to say well you know if we continue sort of moving in in this general uptrend then perhaps we could make it to the prior all-time high before before seeing a significant retracement now it could do something like this where it you know it moves up a little gets rejected and then continues climbing higher but i am somewhat optimistic that sometime in the next few weeks we will be testing this range okay i'm fairly optimistic that sometime in the next few weeks bitcoin will be testing this range i do not see this as a dead cap balance i see this as a low and a higher low and a high and now we're putting in the higher high so this is what i this is what i'm looking at i told you guys back in in august to expect a lull going into september if not that it had to happen but that it's certainly in the cards especially considering that september is like the worst month for bitcoin and we got that we got that retracement okay so so far you know so far the market has played out fairly similarly to how it's played out in the past in terms of just looking at historical trends you know people always tell me you can't use historical moves to you know to necessarily predict what's going to happen and i agree it's not like it's not like september pullbacks in the past are necessarily indicative of what has to happen but what we can say is that all right we've had a crazy move in august we know that for the last four septembers we've had significant pullbacks we've averaged negative six percent in september from here and for all of history for bitcoin and guess what we ended up seeing a negative seven percent in september so i think again it does provide a general um idea of of what to expect so i think there is some validity of looking at these things so right now bitcoin is is approaching um this range that we've talked about and if we wanted to consider this to be a technical uptrend we might say that if i well if i actually maybe connect it on on the daily candles here rather than just drawing it however i see fit and showing it on the daily candle there if we were to do something like this we might speculate that currently the you know the lower bound in the uptrend is around 42.7 k now of course we could break the up trend but i'm just saying if we wanted to maintain this uptrend it looks like now it's already at around 42.7 k in the event of a drop today okay so let's see if we can maintain this uptrend hopefully we do if we are able to maintain the uptrend for just a bit longer we should be testing out uh testing uh for peak mountain relatively soon and again those prices to watch are you know are around that that 58.3 level um 59.5 all the way up here at like 60 you know 61 or whatever and then finally all the way up at 64.8k so definitely a lot of milestones for us to take out i think bitcoin will ultimately prevail and take those milestones out but what it needs it just needs time right i think i think time is ultimately on our side if you guys like the content remember to subscribe to the channel give the video a thumbs up also check out the premium list and into the cryptoverse.com if you want to know how i am navigating this market you'll get access to weekly reports and videos the telegram alerts channel the telegram chat room the risk dashboard the cryptoverse app and more so i've been waiting to sign up make sure you do so within the next week so you can lock in the lower rate thank you guys for tuning in subscribe click the bell icon to turn on notifications and i will see you next time bye

Channel: Benjamin Cowen

Views: 78,905

Keywords: Cryptocurrency, Bitcoin, BTC, XBT, Crypto, Finance, Money, Investing, Blockchain, Wealth, Invest, Bull Market, Bear Market, Bubble, Speculative Bubble, Accumulation, Correction, Crash, Bulls, Bears, Mania, Fear, Greed, FUD, FOMO, Ethereum, ETH, Ether, Altcoins, Alts, Market, Markets

Id: bG45iCMY12s

Length: 8min 20sec (500 seconds)

Published: Fri Oct 08 2021