Welcome back to grib dolls ross. I am George, we’re all George, so I’m still here in the sunny Bahamas about 80 degrees, it’s beautiful out! I want to wish you guys all merry Christmas or happy holidays. Of course, it’s Christmas eve and things are still looking pretty fantastic for bitcoin and all coins, so today i want to give you guys an update, show you guys something that bitcoin is going through for the third time in its history. This is only the third time and why it’s very, very bullish for bitcoin, and also i have some interesting news to share about several all coins, including one of my old favorites v chain.
So, let’s get started now in front of my computer. You can see. Bitcoin is right under 51 000, so definitely much better than a few days ago, when bitcoin was around 46
We had a couple good spikes here right from 46 up to about 48 and then 48 up to around 51 right now. If it continues, if the Santa Christmas rally or end of the year rally continues, we could definitely see bitcoin shoot back up to about 54. 000, which was a resistance over here and then after that about 57, 58 000.
After that, you guys know me, i like to concentrate on the fundamentals. I don’t worry so much about day to day, but there are some metrics that are very, very interesting that indicate that a reversal or a bounce or a pump may be right around the corner. Now, there’s one thing that i want to start out with take a look at this headline: just 1.3 million bitcoin left circulating on crypto exchanges. What does that mean – and why is this relevant well take a look at this okay?
This will explain it all. Take a look down here: 1.3 million bitcoins on the exchanges, which only represents 6.2 of the entire circular supply right now and that’s about 18
9: here’s the here’s, the kicker, though this 18.9 that’s been released.
It’S been estimated around four to five. All the way up to about seven or eight million of that is gone, lost, people uh lost either keys or their hard drives died or whatever stolen. So there’s actually this number right here is actually a lot less, but let’s just use this for granted so 6.2 percent. Why is this relevant?
Well, you know all the prices that you guys see here on cmc bitcoin at 58, 000 ethereum at 4, 000 binance coin. At 544 where’s this price being derived from it’s being derived from the order books on exchanges. So it’s really silly to think that 6.2 of the entire supply. That’S what dictates the price!
This is why i always tell you guys: focus on the fundamentals. If the big boys, if the whales continue to buy up the bitcoins behind the scenes – and this number keeps dropping well eventually, the whalish games are gon na go away because it’s gon na get so limited so constrained that bitcoin’s price will have to move up. So people have asked me, while the whales could keep manipulating the prices, keep liquidating longs and they could do all their whalish games, so bitcoin’s price will never go up. Well, if that was true, bitcoin would have never gone as high as it did up to 69. 000 bitcoin would have stayed at the hundreds or thousands right.
It would never never have surpassed ten thousand or twenty thousand or fifty thousand now it’s because this number keeps dropping. So, despite all the whalish games and the whale uh movements just know that the true whales, the holders, the institutions, the public trade companies, financial banks out there they’re all trying to grab a piece of this right now – okay, this is all gone. This is all held by the early miners or miners themselves, or michael sailors of the world and others that held throughout the years. So now everyone is fighting pretty much for this. This is why i concentrate so much on reserves and how it’s dropping so, even though, day to day week to week, month to month, bitcoins price may be stagnant, may come down a little bit.
There may be volatility, but in the long run, why? I believe bitcoin will continue higher go past 100, 000 and possibly hit 1 million plus someday is because of this supply and how it keeps dropping, lower and lower and lower and lower. Next up. I want to talk about this, a christmas miracle um. Basically, this is a new signal, i’m not familiar with, but it’s called a fischer transform and what’s interesting about this.
Is this measures, of course, oversold and overbought levels, and this this signal that it’s pointing out right now, you could see the three arrows. This has only happened three times in bitcoin’s history, going back all the way to 2011
So the first time this happened, that indicated, bitcoin uh was reversing from the bottom. That was back in october 2011 when bitcoin was at two dollars and then and then after that this was uh march of 2020, when bitcoin fell to 3 000. So you could see. There’S a big gap with the up and downs with crypto winter.
This never hit this point right. This bottom point um from 2011 all the way to 2020 and guess what we just hit it again in 2021 right here, we didn’t even hit it when bitcoin hit to 30 000
We hit it right here where we are right around 47 000., so this has only come up three times in bitcoin’s history, so does this mean a bounce is imminent? A reversal is imminent. Well, according to this definitely well now, according to author, they said that yeah bitcoin could go down a little bit more afterwards, but the further this goes down.
The more likely a reversal is bound to happen so strap on guys. We could see some explosive movement soon. Plan c put this out this measures 10 day. Sma realized profits, and you can see right here under 575 million or above 575 million. I don’t know how he came up with that, maybe just by doing this chart, but you could see that the blue zones are uh when when bottom uh has happened or is nearing okay, and then you can see that you can see pretty good movement after the Blue right, this was one bitcoin – was hit.
The 30 000 this year hit around 40 000 this year and look at it now it’s flashing blue once again, so another shorter term metric that indicate that a reversal is about to happen. You could argue it kind of did already, because we did reverse we bounced up from 42 000 to where we are about 51 000 right. So you could argue it already started, and lastly, plan b is is on the defense right now. So this is a little confusing, basically he’s admitting that his floor model has missed for the november december uh. He also said before: bitcoin doesn’t hit a hundred thousand by december, then stock to flow is invalidated, but then he’s trying to then he clarifies that.
That’S not the case and that the stock to flow model is still intact, so i don’t quite get what that means. I mean he tries to clarify, and he, if you look at this, you know it’s still within that range. You know the blue range. I’Ve shown this before, but basically uh. He says if bitcoin stays within the one sd ban for the next two and five years, then that stock to flow still valid and indeed useful to me so he’s starting to play defense.
Because if you read the comments, a lot of people really getting on his case and i’m not sure if this is a really good explanation, why, before he said, stock to flow will be invalidated by december if it doesn’t hit a hundred thousand. But now it’s not. I don’t know, but according to him, we’re still on track, so i’ll have to see what he pulls up in the future. However, i do believe that uh, regardless if the stock to flow has been validated or not, bitcoin will continue forward because of the growing fundamentals and a growing uh adoption so regardless. If this is true, i still believe in bitcoin.
Next, let me show you some all coin news, including v chain, and i’m really glad to hear about this. So take a look at this v chain. Foundation welcomes new decks into its ecosystem and this is exactly what they need, so they are introducing or there’s a new uh dex, that’s being introduced. The ecosystem, zumo swap and i’ve been talking about v-chain expanding their consumer based dapps, because v chain is a b to b project. It started out that way, but you know right now all these other popular l1’s they’re dominated with dexes right, amms lending platforms, borrowing platforms, stable coins and so many others, nft projects and marketplaces v chain is still very early in those things.
Yes, there’s v exchange, but it had a rocky start, but i’m glad to see others come aboard because v chain really needs it, and i take that back. They don’t really need it, but the reason why the price has been stagnant is because of it. So now that others are starting to come aboard, i think this will be very positive for v chain, the more use case, they’re more token, locking um that exists within v-chain’s ecosystem, the better it is so fantastic news for v chain, also binance. I’Ve always said not to sleep on bnb, well, they’re, changing their token burn before it was based on every transaction and quarterly, and the quarterly burns were massive, but now they’re gon na do it so that it just auto burns. I don’t know the exact specific schedule, but basically, if they feel like uh, whatever algorithm they come out with, it feels like it’s good to burn they’re, just gon na start burning, b and b, left or right, and we have seen how effective this is for other Projects such as terra, which has been absolute terror and just hit about a hundred dollars recently right, uh bnb, is still the second or third biggest um crypto out there, but this could really help drive things forward.
So this is pretty big and then just a few other things take a look. Dogecoin dogecoin are thinking about moving from proof of work to proof of stake, with the help of italic, too metallic seems to be on board. So this could be a big thing, except just moving to prove a steak doesn’t really do a whole lot. They still need to figure out how to expand the ecosystem like shiba, because shiba is really really doing that and – and i think i think doge needs to to figure out too – they need to come out the doge swap and dogenft marketplace and just really expand their Offering because right now, there’s just absolutely nothing uh and then a few metaverse things uh decentraland continuing forward. Now you could cycle between day and night.
You just have to enable it. That’S pretty cool, that’s pretty cool. Obviously it makes the game feel a lot more realistic and you still have big brands. Look at this pwc is launching in the sandbox. So if you thought it was just a bunch of kids inside a metaverse think again, big known well known brands are coming aboard.
No matter verse and i’ve been hearing a lot about adidas and how they dropped uh, their new shoes inside sandbox and they’re, going for insane’s amount of money, so metaverses are definitely here to stay all right guys, that’s it for today’s update, i’m not here for much Longer and i met some of you guys already – i met three people just randomly here in the bahamas. I also tweeted and put a facebook post out, i’m thinking about doing a gathering. So if you are here in the bahamas – or you are here at atlantis, you know what um check out my twitter, post and uh, where i mean my twitter tweet and my face: um, not facebook, post, youtube post right. So if you’re interested in gathering um, you know respond back and i’m gon na try to get something done: um, maybe today or tomorrow, so just wan na throw that out there but uh if you’re not available. If you’re – not here, i just wan na wish you a merry christmas or happy holidays right uh.
The market is looking good, it’s on track again and i’m looking forward to what happens uh the last week of this week of this month and of this year, and i can’t wait for 2022
All right guys smash the like subscribe to the channel and i’ll see you guys later take care bye,