Podcast Summary: Bitcoin Hits 90K - Breakout Confirmed! | Crypto Town Hall
Podcast: The Wolf Of All Streets
Host: Scott Melker
Episode Title: Bitcoin Hits 90K - Breakout Confirmed! | Crypto Town Hall
Release Date: April 22, 2025
In this riveting episode of The Wolf Of All Streets, host Scott Melker delves deep into the recent surge in Bitcoin’s price, surpassing the $90,000 mark. Joined by a panel of crypto experts, including Christian, Dave W, Jonathan, Dwayne, Derek, Carlo, and Ryan, the discussion navigates through technical analyses, market sentiment, comparisons with traditional assets like gold, and the broader implications for the cryptocurrency landscape.
Bitcoin’s Breakout: Technical Indicators and Market Sentiment
Scott Melker on Bitcoin’s Surge
The episode kicks off with Scott Melker announcing Bitcoin's significant breakout:
“[00:01] Scott: Now, but bitcoin is officially breaking out. Has broken above 88,804 American dollars... Things looking very, very good for bitcoin in my opinion.”
Scott highlights Bitcoin breaking the critical resistance level of $88,804, signaling a potential higher high after a bearish trend since the peak around $109,000. He emphasizes the importance of closing above this level on the daily chart and surpassing the 200-day moving average (200mA), coupled with substantial ETF inflows exceeding $300 million in a single day.
Christian’s Technical Analysis
Christian expands on the technical aspects, noting:
“[01:41] Christian: ...we're seeing a pretty clear divergence in behavior. That kind of differentiation looks really bullish to say the least. And the technicals are backing that up. As of today, their RSI for Bitcoin was sitting around 68.5, approaching overbought...”
He discusses the Relative Strength Index (RSI) nearing overbought conditions and the Moving Average Convergence Divergence (MACD) signaling bullish momentum. The MVRV ratio of 2.1 suggests Bitcoin is trading at a healthy premium over its realized value, indicating strong market sentiment.
Dave W’s Perspective on Correlation with NASDAQ
Scott brings in Dave W to discuss Bitcoin's correlation with the NASDAQ:
“[03:56] Scott: ...Bitcoin versus Big Tech. It's Bitcoin divided by the Nasdaq. Do those two things look like they're correlated to you?”
Dave responds:
“[04:33] Dave W: ...Bitcoin is up today, correlated almost exactly with risk assets and actually outperforming gold by almost exactly the same amount as the NASDAQ's relief rally...”
He acknowledges the temporary correlation with risk assets but cautions that Bitcoin is not out of the woods yet, emphasizing that the recent rally is more about patience among buyers and exhaustion among sellers rather than a short squeeze.
Jonathan on Short Positions and Altcoin Dynamics
Jonathan adds depth to the discussion by highlighting:
“[07:16] Jonathan: ...over the last hour, 39.05 million in short positions in crypto have been liquidated in the last 24 hours...”
He analyzes the liquidation of short positions and the stagnant performance of altcoins, particularly Ethereum. Jonathan suggests that increased sentiment and participation in decentralized finance (DeFi) could signal a potential breakout for altcoins if Bitcoin continues its bullish trend.
Bitcoin vs. Traditional Assets: The Gold Debate
Dwayne on Bitcoin and Gold Inflows
Dwayne underscores the parallel inflows into Bitcoin ETFs and gold:
“[09:08] David G: ...central banks are buying gold, they're not buying bitcoin yet...”
He compares Bitcoin with other commodities like copper, suggesting that the current trends indicate optimism for the economy and emerging markets, despite ongoing geopolitical and economic uncertainties.
Derek’s Insights on Bitcoin as Digital Gold
Derek contributes by linking Bitcoin’s rise to broader economic factors:
“[14:58] Derek: ...Bitcoin's sort of correlation to the M2 monetary supply and how high that has climbed...”
He posits that Bitcoin’s structural differentiation makes it a superior alternative to gold, envisioning central banks eventually adopting Bitcoin as a store of value, potentially driving its price beyond current expectations.
Carlo on the Shift from Gold to Cryptocurrencies
Carlo adds to the gold versus Bitcoin narrative:
“[18:26] Carlo: ...banks know that its tail is coming to an end and everything is going digital...”
He argues that as institutions embrace digital assets, there will be a significant pivot from gold to cryptocurrencies. Carlo sees gold's long-standing position as a safe haven being challenged by the growing adoption of Bitcoin.
Market Forecasts and Future Outlook
Ryan’s Speculations on Bitcoin’s Trajectory
Ryan offers a tempered outlook on Bitcoin’s future:
“[20:29] Ryan: ...bitcoin always leads the charge... I still think bitcoin is going to top out around maybe 130, 140 max, September, October...”
He anticipates a bull run for Bitcoin, potentially peaking in late 2025, with Ethereum and other altcoins following suit as institutional and governmental involvement increases.
Dave W and David G on Long-Term Trends
Dave W provides a balanced view, acknowledging the potential for further gold consolidation but maintains Bitcoin’s long-term dominance due to its emerging network effect:
“[24:32] Dave W: ...Gold is going to eventually be demonetized by bitcoin...”
David G contextualizes Bitcoin’s rise within historical geopolitical shifts, suggesting that as trust in traditional financial systems wanes, Bitcoin’s appeal as a decentralized alternative will strengthen.
Key Takeaways
- Bitcoin’s Technical Breakout: Surpassing key resistance levels with supportive technical indicators signals a strong bullish trend.
- Divergence from Traditional Markets: Bitcoin is exhibiting increased decoupling from stock markets like the NASDAQ, reinforcing its role as an independent asset.
- Gold’s Position Undermined: While gold remains a safe haven, the rise of Bitcoin as digital gold could shift institutional investment priorities.
- Altcoin Potential: Increased sentiment in the DeFi space and potential Bitcoin dominance could pave the way for an altcoin resurgence.
- Future Outlook: Experts foresee continued Bitcoin appreciation, possibly reaching new highs by 2026, driven by institutional adoption and macroeconomic factors.
Notable Quotes
- Scott Melker [00:01]: "Things looking very, very good for bitcoin in my opinion."
- Christian [01:41]: "That kind of differentiation looks really bullish to say the least."
- Dave W [04:33]: "This is not a short squeeze. This is a very orderly small increase in bitcoin."
- Derek [14:58]: "Bitcoin is independent. It's something unlike anything else."
- Carlo [18:26]: "We're going to see a tremendous pivot from gold to cryptocurrencies, especially bitcoin. I think it's inevitable."
- Ryan [20:29]: "I still think bitcoin is going to top out around maybe 130, 140 max, September, October."
This episode of The Wolf Of All Streets provides a comprehensive analysis of Bitcoin's current market position, technical indicators, and its evolving relationship with traditional assets like gold. The discussions underscore the growing sentiment around Bitcoin's potential to surpass gold as the preferred store of value and highlight the cautious optimism among experts regarding the future trajectory of the cryptocurrency market.