Bitcoin To $85k SOON! Why The Bitcoin Bulls Are EXTREMELY STRONG RIGHT NOW! Bitc [0:00-5:01]

Hey guys, what's going on? Chip here in today's video, we are going to be talking about the massive rally the Bitcoin has witnessed overnight because as of today, as of right now, Bitcoin is the most bullish that it has been during the entire bear market. Bitcoin just diverged from the pattern that we've been following over the last several weeks in a very bullish way. Is the bear market about to be over? Well, obviously, it's too early to tell for sure, but things are promising. So in today's video, we're going to break down exactly why Bitcoin may be about to see a major rally. So without much further ado, let's go ahead and dive right on into it. Bitcoin, as you can see, is currently trading at $78,500 and this is so important because over the last several weeks, we have seen Bitcoin playing out a virtually identical pattern to what we saw happen later on last year. And that pattern looked a little bit something like this Bitcoin back then essentially went through an ABC corrective movement that looked a little bit like this. We had our A movement to the point five or B movement to the point two, three, six, then our C movement up to the point six, one, eight. And then when we fell below the 20 daily exponential moving average Bitcoin capitulated, well, it seems like Bitcoin has been doing much the exact same motion. If we draw a Fibonacci retracement, you can see the Bitcoin rallied up to point five back down to point two, three, six and then up to point six, one, eight. But over the last few days, as Bitcoin came down to once again test the 20 DMA, as it did here on the 18th of January, instead of breaking below it, Bitcoin actually bounced. And this is really important because so far, this pattern has perfectly mirrored the previous bear flag that caused us to drop. So what gives is Bitcoin still going to drop below 60K, or are we about to see a major rally? Well, it's interesting because Bitcoin has over the last several weeks found itself wedged between two very important levels of support and resistance. The level of support being the 20 daily exponential moving average, which currently sits right around $76,000 and the level of resistance being this 20 weekly EMA, but you can see out here on the weekly chart, Bitcoin is actually now above both on the open and the close of this weekly candle. We are above the 20 weekly EMA and the 20 weekly EMA has flattened out. These are early signs that the bear market is under threat. The only time that we saw this kind of formation take place in the last bear market was right here. After that, we saw a massive crash on Bitcoin. And then right here, which is what actually preceded the entire bull market on Bitcoin. We saw a massive bull market take off after this happened in the last cycle. So it's pretty obvious to anyone who understands technical analysis that the next couple of weeks and the next few thousand dollars are going to be extremely consequential. If the Bitcoin bear market was ever going to end in Q2, this is the closest that we've ever gotten to it. It's definitely too early to say that the bear market is over, but it's also too late to say that the bears aren't strong because they obviously, sorry, that the bulls aren't strong because the bulls obviously are showing a great deal of strength right now. However, here's the concern. If you go to BTC, one exclamation point, the Bitcoin futures chart, there is still a very strong bear thesis and we need to break that down for you. You see, there is a historical trend for Bitcoin to fill semi-futures gaps and the semi-futures gap on Bitcoin right now that is most important is the one immediately above our head. In fact, there's a massive semi-futures gap starting at $79,700 just above the price of Bitcoin right now and it extends all the way up here to about $84K. You can see this was set when Bitcoin absolutely plummeted through the floor between Friday, January, the 30th and Monday, February, the 2nd. This led to a $5,000 dollar tall semi-futures gap that Bitcoin seems to be getting magnetically attracted to. Here is the concern. The concern is this. So far we have been using this peak right here as our top of the Fibonacci as our one level. If you do that, then you can see that that puts the point 618 Fibonacci level right here at $79,300. If Bitcoin breaks through this level theoretically, you would think that that means that a bull market starts because breaking through point 618 on Fibonacci analysis typically tells us that the market is no longer bearish and this is actually an impulse movement to the upside. The issue is this. You can just as easily and honestly, possibly more accurately, draw the Fibonacci off of this high. If you do that, the point 618 is no longer at the bottom of the Fibonacci pocket. Instead, it's at the top. The concern here is this. Bitcoin seems to be getting a bounce which is different from the correction that we saw over here. It is holding on the 20 daily exponential moving average, whereas it fell through over here. But what happens if Bitcoin does bounce here, rally up to the new point 618 that is used off of this high, and then reject. In other words, fill the seamy futures gap sometime next week and then fall through the floor. This is one of the only reasons that I cannot say that Bitcoin is about to go into a bull market because we just don't know how Bitcoin is going to operate in a post Bitcoin seamy futures