So Bitcoin hit its all-time high for this year of 2023 and it looks like more people are gearing up their cash to start investing back in the markets. Well ladies and gents, in this video, I'll be giving you a full breakdown on why Bitcoin pumped as much as it did and how you should consider moving through these markets today. So taking a look at the charts Bitcoin has broke through several resistance levels on its way above that thirty thousand dollar price range and it has even crossed the 200 weekly moving average. Now the RSI and the daily chart is now above 70, which actually suggests that Bitcoin is very currently overbought and may experience a correction sometime soon.

Bitcoin's dominance by market cap has reached a two-year High by the way, and it's currently at 51.5 percent. For anyone who may have forgotten, throughout this Bear market, Bitcoin's dominance just measures how much Bitcoin it makes up the total crypto market cap. Now, the increase in Bitcoin's dominance suggests that right now investors are gravitating towards Bitcoin as a trusted digital asset for their Investments while all coins are being overlooked and considered more risky, especially due to more regulatory scrutiny from the SEC. So why did Bitcoin pump over 20 percent in the matter of just a few days and also breaking through those resistance levels? So this all started when BlackRock applied for a Bitcoin ETF which came at a surprise for many people.

This has led to a massive inflow of similar applications from rival investment firms and has caused Fomo amongst many large financial institutions. As an example, here are just a few of some of the largest investment firms that are now trying to apply for that Bitcoin Etf2. This includes Wisdom Tree Invesco Dutch Bank Khakis Bank I might have butchered that a little bit. We got Edx crypto.

We also have rumors that Fidelity Investments are also looking to apply for their own spot BTF And then there's also a massive push for a lot of other crypto. And then on top of that, it looks like from a recent article published by The Block, more than 50 percent of fortunate 100 100 companies have already begun blockchain initiatives and crypto projects. So with all that being said, why are financial institutions all of a sudden just fomoing into Blackrock's application? Especially when a lot of people are assuming that Blackrock's application might even get rejected by the SEC like every single Bitcoin ETF before them? Well, it turns out a lot of these financial institutions are actually anticipating that Blackrock's application will go ahead and get approved. It's hard to say that this might actually come into fruition, but if we take a look at Blackrock's record of getting ETFs approved by the SEC, they're at 575 applications that get approved to one denial according to a coin Telegraph article.

They're also predicting that a BlackRock Bitcoin ETF could officially spark the next Bitcoin bull cycle. So how come all of these headlines are causing Bitcoin to pump? Well, This is because this is really the first time in history we're seeing essentially a widespread institutional adoption wave happening for the first time within crypto. Or a lot of these, these Legacy financial institutions are finally getting involved, bringing a lot of potential money for Bitcoin to spike in its price. Therefore, the demand goes up.

Supply is going to continue to shrink and you line that up with something like the Bitcoin having and you realize this is a recipe for another bull market to potentially start with Blackrock's ETF coming into the space. This right now is allowing for Bitcoin's adoption to grow because you know crypto lacks in one thing and they lack significantly in trust. And when we have new investors that weren't in the crypto space before that come through trusted and reputable investment vehicles into Bitcoin like these: ETFs we're going to be seeing new money enter the space. You can also think of it like this: A lot of Young Bucks who are getting into the space that may not have that much money were already exposed to Bitcoin.

But think about all those 60 to 70 year old multi-millionaires who never would have made a coinbase account to start investing. But if they had access to Bitcoin through their traditional Roth IRA 401k or or even just their own brokerage they're using that opens up additional exposure for newer people to come into the markets. Newer people coming in. price goes up.

So when it comes to Fomo I typically think of a retail investor, so it's pretty interesting to see Fomo happening at the institutional level of all of these companies trying to get in line to be the next ETF provider for Bitcoin Currently I'm stuck in the middle of whether or not this is a good thing or a bad thing. I think in the short term I'd be happy because Bitcoin as an investment would Skyrocket it would continue to climb, meeting other all coins would also start moving upwards in price in the long term. I'd Also be worried that Bitcoin and crypto would be no longer decentralized in the rich and Powerful just end up becoming more rich. and Powerful so what's next? Well, we're currently in the middle of the summer.

I Do think right now there's more opportunities for Crypto and Stocks to expand right now. As you guys know, stocks has actually been in the extreme greed category for at least a few months now, and with Crypto just starting its pump. I Do think we could be seeing an inflow from the stock greed moving over into crypto, especially because when stocks are going up, crypto wasn't doing much, Crypto is actually going down. I Also Personally think that right now there's an opportunity for the markets to move up even higher at least till July or August.

but I'm still feeling a bit bearish towards the end of the year. and I Do think we could be seeing a catalyst for another crash. According to the Feds, we're right now predicting two more interest rate hikes meaning one might happen in July coming up next month and one might happen towards the end of the year. It's hard to expect what might happen even going into the year of 2024, but based on what we've seen for the past two years with 2022 leading up to 2023 and currently seeing where the market prices are and seeing how aggressive the Feds have been with their interest rate hikes, I am feeling a bit more bullish towards the start of 2024.

So ladies and gents, let me know what your thoughts are down below in the market. And by the way, if you guys want to go ahead and join our private membership group all at 14 18.99 a month, be sure to check out the link Down Below in the description for a link to our patreon. By joining that group, you'll automatically be added into our Discord You'll get frequent Monday Wednesday Friday Market updates and on top of that, you have a chance of getting engagement from me. Even further, with the markets also heating up, I'm also feeling a little bit more bullish in the next few months to start making some moves as well.

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