What exactly happened today? Some of you guys may be wondering, why did Bitcoin sell off?Why is everything dumping? Especially on a day like today?the US market is red hot, red hot right now.why would Bitcoin be selling off right now?And what does it mean?Does it mean that we're about to turn bearish?So I'm filming this because I want to give you guys some insight into what I think is happening.First and foremost, I do think a lot of people are making giant mistakes right now.
I do believe a lot of possibly whales, institutions, market makers that may be selling off crypto to FOMO in into equities right now.But I do think a lot of traders are selling off Bitcoin and crypto today to buy in to some of their favorite tech companies or whatever equities that they may be eyeing, which I think is a big mistake because we know what's coming in 2024.You know, chasing the pumps, that never works out.So everyone that did that today, I think they're making a huge, gigantic mistake because of the stock market, still kind of iffy.Even though we got a pretty good inflation reading this morning, does not mean that all is well, that everything all of a sudden is fixed.It certainly doesn't mean that at all.So I do think anyone trying to chase the FOMO today, they're going to regret it down the road.
Number 2, Because of a lot of people selling off, I do believe we had a lot of long squeezes today., You could say 1 gigantic 1 or many small ones, but there's no doubt, I don't have the data in front of me tonight.t I have no doubt we had hundreds of 1,000,000, if not over a billion dollars worth of longs liquidated today.And that's just simply because too many people are too greedy, too many people threw on too many leverage longs and they weren't expecting a major pullback like today.I saw Bitcoin fell down to as low as like 34634 seven.Right now we're about 35 four and on our way up.But there was definitely a giant drop, I think with a combination a lot of people selling.
Plus there may be some manipulation in there to the market makers trying to squeeze out the retail players, right with that along with a lot of liquidations, long liquidations, that's what happened today.But with all that said, anything changed, Anything fundamentally changed from yesterday, today?If anything, things have changed for the better because if the US economy is going to start recovering because there's no more rate hikes and there's going to be rate cuts soon because inflation is still going down, well that's good for everyone
.That means money is going to be flowing back in to equities for to risk on assets and to Bitcoin and crypto.So if anything, today was actually a good day. Now it may not reflect it right now because you guys are wondering, well, why are we in the 35,000 and not 3637 or 40,000 yet, right?That's just how it is sometimes.You know, we have seen a great decoupling away from the markets the last two months, right?You can't have it both ways where, yeah, when the US markets are dumping, Bitcoin goes up and decoupled. But when the US market is going up, Bitcoin and crypto has to go up.Now that you know, when it's decoupled, it's decoupled.Everything I've been saying about the fundamentals still true.
Everything about the fundamental is still true, still strong, basically near all time highs for everything.We still have to have an event coming up that has not gone away, that hasn't been pushed back or removed.No, that's still coming up.We still have a lot of ETF approvals coming up.That has not changed and institutions for mowing into the space has not changed.Today maybe some of them decide to FOMO into the into the stocks, but they'll come back and there's plenty of money out there.
Markets are rallying, but Bitcoin is going down, right? But it happens.We have seen days like this before.You may see a major dump of Bitcoin and crypto because the market makers are doing that on purpose, right?Or you see Bitcoin pump up.But right now it does look like Bitcoin is on the recovery and coming back up.
