A highlight from 1274. Shutdown Delayed, Uptober Begins | Crypto Market Outlook
All right, so here we are. It is October, October. You get the message here. We're going to dive into that today and find out if Bitcoin and some of these great crypto assets are actually on the move or we're going to get a correction here. We'll break it all down for you guys today. My name is Paul Bearer and welcome back in to Tech Path. All right, let's jump into it. Before we get started, let's go over to iTrust Capital. If you guys are looking at doing some long -term holding on your crypto assets, one of the ways you can do it is through a crypto IRA. So check it out right here, itrustcapital .com. It's the number one crypto IRA platform in America right now, $7 billion in transactions, 200 ,000 accounts created. Definitely, they are killing it over there. Use our link down below. It's going to give you a $100 funding reward. And of course, we get a little help from iTrust to help you guys continue to see this content for free. So that's one of the ways you can help us out. All right, let's get into a couple of the notes today and really kind of talk about where and what has been happening over the weekend. Obviously, Bitcoin's been up. Most of the top 20 have been up. And for the most part, we've even seen some of the Web3 projects also get some good positive action. So what's causing that? Obviously, the biggest issue was the, I guess, the scenario that played out right now over the weekend where we actually came to an agreement, somewhat of an agreement, to not shut the government down, which is always helpful. Kobe Easey comes in and says, breaking Senate vote approved the short -term funding bill to keep the U .S. government open till November 17th. Not bad, 45 days away. This bill includes $16 billion in disaster funding and keeps the U .S. government open for 45 more days. The U .S. government is seeing a new crisis every month now. What's going to happen in 45? I think that's the big question right now everybody's asking is, do we see maybe the month of October as our correction month? And then we have to kind of go into a realization that we're back to where we started. Love to get you guys' feedback on that. What do you think is going to happen here in the month of October? Drop some comments down below. Make sure and smash the like button because it does help us get into the algorithms and help other people kind of explore what's happening in the market. Let's listen to what Mr. Chuck Schumer had to say about this. Let's play this clip for you guys. It's been a day full of twists and turns, but the American people can breathe a sigh of relief. There will be no government shutdown. Democrats have said from the start that the only solution for avoiding a shutdown is bipartisanship. And we're glad that Speaker McCarthy has finally heeded our message. In the end, more Democrats supported this bill in the House than Republicans, proving bipartisanship was the best answer all along. I want to thank my colleagues here in the Senate, especially our appropriators, yourself, Madam President Susan Collins and Leader McConnell. Our bipartisan work in the Senate set the tone for the bill we're about to pass. Our bipartisanship made this possible and showed the House that they had to act. All right. So you saw a couple of things here with Schumer, and that is the whole scenario around the bipartisan approach. A lot of Dems had to come into play on this. Obviously, the Republicans were the ones that were seemingly holding a lot of this back. Now you even have Gaetz really pushing hard against McCarthy, trying to dispose him as the speaker. There's a lot happening there, and it's going to continue to push forward into next month when all of this has to go right back to the drawing board and redo this. So this could get a little up and down. And especially I'm concerned with November because of the scenarios that we will see in both the jobs numbers, the Q4 will start to play out in the sense that we'll start to see what's happening in the markets itself. And it could be a very bad timing for this to occur again. So hopefully this all gets corrected and playing into it. Let's listen to what Squawk Box had to say about this and the impact it might have on the markets. Listen in. Joining us now is Jared Bernstein. He is the chair of the President's Council of Economic Advisers. And Jared, let's talk about this. We have a deal that nobody really expected we'd see. So we made it through this weekend. But what happens in the next 45 days? Well, first of all, good to see you, Becky. This is good news for the American people in the sense that an unnecessary crisis that would have inflicted pretty deep and wholly unnecessary pain on millions of Americans has been averted. That's good news for over 1 million active duty troops, for over 7 million women and kids who risked lacking nutritional support for travelers because of the reauthorization in this bill of the FAA and disaster relief that was also in this continuing resolution. But it did not have to happen. I think what you just played from the president is, of course, exactly right. He shook hands. He had a deal. In fact, there was a law passed with McCarthy back in in June, in early June at the end of the debt ceiling debate that was designed specifically to avoid this Senate. All right. So, you know, they kind of take doing their victory lap, even though I think it's a little bit premature. But the point is, is that there was a huge economic disaster that was averted. So I think that's the positive news. Obviously, the markets responded in such ways that have helped adjust for that as well. But that's not necessarily all of it. We've also seen some other implications coming across from external resources out there in the markets that have caused a little bit of this movement. I think the question everybody's asking now is, is Bitcoin going to continue higher or are we going to start to see Ethereum start to adjust now? Do we see some of the projects like Solana, Avalanche, etc. start to really fly? We'll break into all of those. So don't miss those. We'll look at some charts for you guys as well. I want to go over to a couple of stories here. Why Bitcoin prices up today? A couple of points that were hit on here. US shut down a version, obviously, and also the ETF launches. Now, that is the opportunity. Because remember, Ethereum ETF launches today. And the other idea around this is that when you look at not only the Bitcoin opportunity for ETFs, by the way, if you're not following our market sentiment indicator, you guys should because we are tracking both the Bitcoin and the ETF, the spot ETF sentiment as a whole. It's interesting to see that sentiment kind of go up and down. But the point that they're hitting on in this article is that October is historically one of Bitcoin's best months and is often called October, named in today's video. Bitcoin's October overall. You can kind of see the rundown right there. That green line right there, as you can kind of see where I'm waving my cursor, almost all green over the years going all the way back to 2013. So not bad. Nearly 43 million worth of shorts were liquidated. That's another scenario that plays into that. And of course, I think when you look at the general move with what Bitcoin had to do, I think this is going to be an interesting week ahead of us. Now, there's a lot more that could be happening this week that could still maintain Bitcoin around the $27K to $28K range. That will be a very, very interesting thing to watch because if Bitcoin starts to edge toward around $28K, this is where it's going to get interesting for the future. All right. A couple of things I want to hit on. Right here is Ben Cowen talking about lucky number seven. First green September for Bitcoin in seven years. That's a good sign. But is it a short -lived sign? That's, I think, is really the scenario that plays into this. Sellers have lost momentum. Buyers are now in charge. Target is near the top of the range right now. If it breaks this range that we've been talking about, which I'll show you the chart here in a second, that Bitcoin has been moving to. If you look at just here on the daily, right there is that little high right there around $25 .73 and a little bit. And then, of course, the red candle started to point its way down on the hourly on Bitcoin's move over the last $24. So interesting moves for sure. How are you guys playing this? Is this a zone? Because this has been up and down on the sentiment charts for us. We still see sentiment somewhat waffling with Bitcoin. Not necessarily as much with Ethereum, but definitely with Bitcoin. But the real question is can we hold around this $28K mark, which is where we're hovering right about now. All right. Other things. China's central bank continues to stimulate. So reverse repo injections now at levels not seen since 2020. This is another factor that plays into it. China is starting to inject liquidity. This, of course, causes movements in the markets. It also causes some ripples in the markets as well, because I think China is going to be one that we have to continue to be cautious about in the sense of awareness of what's happening in China, both from a real estate standpoint, but also just from their GDP and their economic growth. Those are the other things that play into this. A couple of reports from Chain Analysis that are kind of interesting here. I thought this would be larger, and it's not. But right now, eastern Asia, fifth most active crypto market accounting for 8 .8 % of global crypto activity. And this is July 22 through June 23. So it kind of gives you a little bit of insight to that. Point is that you do have a significant amount of the market that is in control. Remember, the United States still has a large percentage of what is happening around the world in crypto markets, ironically, without legislation. Can you imagine what is going to happen with legislation and institutional adoption really kind of playing forward? That's where it's going to get super. I think that's when we're going to start to see some big market moves overall.