Bitcoin experienced a price jump over the weekend, reaching above $66k, but it is still far from reaching Plan B’s prediction of $98k for a November monthly close. Elon Musk’s announcement of selling 10% of his Tesla stock could potentially impact Bitcoin, as Tesla previously purchased $1.5 billion worth of Bitcoin. If Musk invests some of the proceeds into Bitcoin, it could lead to further price increases. However, there is also the possibility of a downward correction as a significant CME gap was formed during the Sunday pump. In other news, Solana has seen both positive and negative developments recently.
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The Bullish Run of Bitcoin
Hola, Boa Noite the viewers of the tube. Once again, and maybe for the last time I will be coming to you guys fully produced from the Sunny, and beautiful street of Lisbon, Portugal. Our European trip is coming to a close, as I head back to America…which isn’t a bad Thing as I’ll be able to put my best foot forward for the close of this bull market. So are you ready to close out your day with us….well you don’t really have a choice. Because it’s time for Chico Crypto!!
Bitcoin’s Price Movement
Talking about closes, Bitcoin decided to close off last weekend with a BANG! Sunday night the price exploded. From 63k it jumped straight up to above 65k, and then over the last hours of Sunday and into Monday it broke 66k and looked to be on the way to a new all time high and 67k. This PAMP, and end of the week RUN was much needed if we were going to make it to Plan B’s prediction for a November monthly close, which all of us should know by now is 98k. On Friday of Last week, things weren’t looking too hot for the BTC as it dipped from above 62k, fell under 61k, and looked like it might break through 60k support. This even promoted Plan B to tweet on Friday November 5th. He said “Some people think November close of $98K is too big a jump. It is +60% from current level. Yes that is a big jump. But Bitcoin did this many times before..showing examples of 60% monthly Jumps throughout Bitcoin’s history…although the last time BTC did that big of a jump was back in May of 2019. Plan B obviously still has that November pumpamental hopium in his eyes. But what’s the reality of the situation so far? With November’s current price movements…are we on track to hit his prediction. Near 100k?? Well we began November just below $61k, and as of Monday morning, November 8th, BTC was at about $66,500. We won’t count the 8th, because the day wasn’t done when I shot this video. So in 7 days we had a price gain of about $5625 dollars. This means on average per day, the BTC price has been moving by about 804 dollars. We only have 23 days left in November, so if we multiplied that by the average daily Movement of 804 dollars, this would give us $18,492 bucks to add on throughout the rest of the month.That would only put us at about 85k…13 thousand dollars away from Plan B’s prediction. So…no… even with the Bullish PUMP on Sunday and into Monday, we aren’t on track…and Will need some more BIG green candles like we saw on Sunday to get us there. But like Plan B said, you can’t count out Bitcoin…it’s done this before, and can do it again. They don’t call it the Honey Badger of money for nothing.
Elon Musk’s Potential Impact on Bitcoin
So first let’s look at the bullish end of things, why BTC could reach that level by the end of the month…and this could be a reason for the Sunday PUMP. It comes down to one person…Elon Musk.. During the weekend, the mad lad decided to go full on MADLAD, he tweeted “Much is made Lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this? And then he said “I will abide by the results of this poll, whichever way it goes” And as we can see the results said YES! Elon, will abide by the results of the poll. He is selling 10 percent of his Tesla stock. Elon owns 193.3 million Tesla shares, representing 20.7% of total shares outstanding, That means Elon Musk owns just over $250 billion of Tesla stock. And 10% of that is, obviously, $25 billion plus. So what does this have to do with Bitcoin?? Well don’t forget, back in February of this year out of the blue it was announced that Tesla had purchased 1.5 billion in Bitcoin. Tesla diversified it balance sheet…Could this be a signal that Elon was looking to diversify himself? Well after he tweeted the poll, he tweeted this…like he was taking a gamble “Roll them Dice” and a video of the song high roller, by the Crystal method. So is Elon just rolling the dice by selling 10 percent of his stock? Or will he be taking some of that money from the sale, and be putting it into Bitcoin and digital assets?? If that’s the case, of course the markets would pump…if you don’t remember, the announcement of the Tesla buy pumped BTC by 17 percent, and pushed it to new highs…setting The stage for the extremely bullish months of February, March, and April… But we have to look at both sides of the coin, and the possibility that it’s not the case.
The Possibility of a Downward Trend
There is a possibility, we actually go back down before we go back up. The Sunday pump actually formed the dreaded CME Gap, and a really big one at that. Now, if you take a look back in history, since the launch of CME Bitcoin futures in 2017, over 90 percent of CME Gaps eventually get filled. That’s a pretty significant number….but when Bitcoin is trending hard…they don’t Get filled. Even throughout this bullrun and year, there are 4 CME bull gaps that still have yet to be filled… So, I’m not going to be putting any money where CME mouths are. I’m sticking to the bull guns, and believe that GAP is one that won’t get filled. But don’t put any of your money where my mouth is, as this is never financial advice…. But we are about to switch gears, and jump back into Solana, as if you don’t remember just in September, on the 17th, I posted this video “Solana Has BAD NEWS!!! Major SOL Dump Is NEAR!!? Where I showed how centralized the chain was, and the consequences of that…and then literally the next day, their blockchain went down and was down for a good while…which resulted in a massive plunge Soo, do I have good news or bad news for Solana? Well it could be a bit of both…but before we get into that, it’s time for a sponsored segment of this video brought to you by our friends at Energi and like always, the details of our arrangement can be found in the description…
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