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In this video, Joe walks through how bitcoin's 4-week 25% correction may be coming to a close. Despite Mt. Gox now redistributing 94,500 BTC, and the German government selling $21 billion in BTC over the weekend, bitcoin managed to spring off of the low-$50,000 level. Factors that have been headwinds for BTC over the last month are no longer hurting its market price, and after a 7.5% weekly drop, the 4th largest since FTX collapsed, bitcoin may have just set a local bottom for the remainder of the bull market.
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Chapters:
00:00:00 - Bitcoin's Summer Outlook and the Sam Rule
00:02:00 - The Sam Rule and Impending Recession
00:04:05 - Tracking Interest Rates and Growth Expectations
00:06:07 - The Triggering of the Sam Ru and its Impact on Investor Behavior
00:08:02 - Bitcoin's Price Decline Since FTX Collapse
00:10:15 - Selling of Bitcoin by the German Government
00:12:16 - Positive Price Movement during Major Events
00:14:31 - Positive Price Action for Bitcoin
00:16:47 - Encouraging Signs for Bitcoin's Price
00:18:35 - Bitcoin and Global Macro Update