Also in this episode, we're going to talk a bit coin price gap, but not the CM e futures gap we're talking about why gbtc is trading lower than Bitcoin right now, and if the price of Bitcoin has to correct to the downside or if gbtc has to Correct to the upside also today we have some very positive news out of the United States and last but not least, Babbitt is on it again they're offering a 300 welcome bonus only for bigger traders from tomorrow on. If you want to know more about that, definitely keep watching this video and now let's jump right into it. So yesterday I started to ask you guys: what do you guys think if we have a look at the Bitcoin weekly chart, we could make the argument that Bitcoin actually never broke out this downwards channel in here. So basically Bitcoin is still trending down, and even if we have a look at the daily chart in here, you could actually make that argument. Now it is up to you. What do you personally think? Let us know down below in the comment section, and there is also a pop popping up on top of your screen right now, based on your personal technical analysis, what do you believe has Bitcoin broken out of this downwards channel in here, or are we still in It now what I personally believe is once again technical analysis, especially drawing those patterns is a very subjective.
What does that mean? Well, there is a lot of room for interpretation. Do you connect the wicks? Do you connect the bodies? Do you exclude weakened data, for example? I mean there are people starting to draw two hundred daily moving averages without weakened data, for example. I mean they're allowed to do that right, but there is a lot of room for interpretation and especially with patterns. Well, we could call this downwards flag. We could call this 1.00 channel or a falling wedge or whatever right. You can make an argument for pretty much every pattern out there. So what I personally believe is that, as long as we do not have clear confirmation that we broke out in here and with clear confirmation, I mean like trade, one thousand dollars buff the channel, or something like that. I would say we're still in this downwards trend. In here – and maybe I got a little bit too bullish too early that could be, but we will see how this plays out. What we know is that Bitcoin definitely got rejected not just by the 200 day moving average in here, but also by this downwards trend line in here. So yes, there is a possibility that we're going back down, maybe even test the lower half in here off this channel and then go up from there. I would still say that most likely, the trend reversal in here is real, most likely, I think, there's more room to the upside midterm, but maybe short term, and could see that its correction here holds for a little bit.
Maybe goes a little bit lower and then we're gon na go up from there. So yeah definitely very interesting times, and that brings me to the next topic and that is a gap between gbtc and Bitcoin. And we are not really analyzing this very often. But what I can tell you right now is that either gbtc is on a too low price or Bitcoin is on a too high price. Now, how do we know well, basically, we're just overlaying, Bitcoin and gbtc now for those people out there who have absolutely no idea what gbtc is that's, the grayscale Bitcoin trust. Currently, there are over 270 million shares and here you can see Bitcoin per share and I just calculated that real, quick they're holding more than 250 thousand BTC. That is actually quite a bit and, of course, all the institutional investors, or most of the serious institutional investors who are invested in Bitcoin with such a financial product, which is backed by actual Bitcoin by physical Bitcoin. If you can even say that, because bitcoin is virtual and not physical, but you know what I'm talking about right – and this trust is definitely important – this definitely holds some significance right I mean they were the ones who were running. The drop gold buy crypto campaign, which is something I personally do not support. I like both of them, but guys know what I'm talking about just to show you guys the significance in here and what we see right now is a gap opening up in here.
Basically, T BTC trading on a too low price or the price of Bitcoin itself trading on a too high price. So what we have seen always in the past that they are coming together? Okay, whenever they diverge, they come together and yeah. So that could mean that the price of Bitcoin is about to fall or gbtc is going up, which I personally believe is more likely in this scenario, but I just wanted to point this out. Then we have some very interesting news, and this is one of the most bullish news as far as mainstream adoption is concerned, I'm. Not talking about that. Because of this, the price of Bitcoin will go to the moon, but this will definitely enhance the next bull market and will remove people's fear to get into cryptocurrency. In my opinion, US Congress proposes to free small cryptocurrency transactions from taxes, they're only talking about transactions less than 200, but that is definitely very good because think about it. If you want to pay for small goods like coffee or a meal, or maybe even for grocery shopping, if everything is a taxable event well, who is going to use cryptocurrencies, nobody that's exactly right and with this bill? Well that would actually change. People can use cryptocurrencies below 200. I would love to see this to be a little bit more right, because if we pay for something for 500, then you have to pay taxes on that that's a taxable event, so weird laws in the United States.
In my personal opinion, but this is definitely step into the right direction as far as mass adoption is concerned, and also then we have something interesting from fidelity. Fidelity is hiring Bitcoin mining engineers to scale its operations. The reason why I'm talking about this a lot of people don't know that and they have done this secretly. But fidelity is mining since 2014 and nobody was talking about that and I believe in 2017 or 18 they actually came out and made that public and that's when people heard about it and now they're, even hiring more people, they're hiring a mining engineer or mining engineers. So this should just prove to you that no bitcoin is not just a fad. Bitcoin is not gon na go away. Big institutions are getting ready or improving hashtag Biddle during the bear market, when the people are not here so they're already when the people are coming. That is exactly what exchanges are doing as well. They'Re scaling right now, they're working right. That is, will CZ I'm, not the biggest fan of violence, but that is what CZ said multiple times during the bear market it's the time to build okay and when new people are coming in and all these organizations all these companies will be ready and they're, not Gon na get ready for nothing right, they're gon na get ready for the next bull market. So maybe sometimes you believe there won't be an expo market, but there will be – and there are a lot of people out there with a very high incentive, with a lot of money that the next bull market is going to happen.
So I would say that we can be very confident about this. All right, then let's get into the last topic off today, and this is only something for bigger traders out there. Once again, only for bigger traders, with 1 BTC or more by bit is offering a 300 bonus, kill way which starts tomorrow, but only for people who would pass it 1 BTC or more I'm gon na leave it as link down below. Here you can see all the event rules. This will only be for 1000 people. Ok, only the first 1000 people so make sure for those people who want to benefit from this that you are ready tomorrow, with your 1 BTC deposit and for all the others.