This week has been brutal in the market. Bitcoin has now officially dropped 50% from its all time. Where are we going from here? Let's take a look at what is going on - where do we go from here? And what is google up to?

I can be reached by email at mcintosh@genwealthcrypto.com and on twitter at @McIntoshFinTech. Looking forward to hearing from you!

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Protofunk by Kevin MacLeod

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Ethernight Club by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/7612-ethernight-club

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No one on this podcast is a financial advisor.

All information presented on this podcast is for informational purposes only.

Welcome to this special edition of the Generational Wealth with Cryptocurrency podcast.

I'm your host, McIntosh.

Today we're going to be talking about the overall market.

We're going to spend about 15 or 20 minutes talking about the market in general.

As most of you are probably aware, the market is down quite significantly.

In fact, I believe in November we were at $69,000, and we earlier today were officially at 50%

below that at $34,000, whatever that works out to.

We're around $34,000, $35,000.

I discussed last week how we were around $41,000 at that point.

I said, if that general area $39,000, $40,000 breaks, it would probably fall quite a bit.

That's exactly what it's done.

A lot of people were counting on that $40,000, $41,000 level holding.

And it didn't.

And the reasons that it didn't, I don't think you can point to one specific thing

and say, this is why it broke.

And I don't know where we're going from here, to be honest.

We could go lower.

I could see potentially at this point $34,000 breaking and going down to $30,000, $31,000.

And if that gets broken, if that level of resistance, so to speak, and we're talking

about the Bitcoin price, of course, but if that level gets broken, then we may see a

$25,000 Bitcoin, at least briefly.

There's no volume in the market unless we're in a very brief uptrend.

A few days ago, we went from $40,000, $41,000 up to $44,000, or almost $44,000.

And then it fell back and kept falling.

It's during these brief time periods that we see volume, but overall, the market volume

is very, very low.

I believe retail is essentially, and retail is kind of the average person.

A lot of the people who joined over the last few years, I believe that retail has left

for now.

They've either stopped watching the market, stopped buying or sold and gave up.

And we're kind of in limbo, so to speak.

We don't really know where the bottom is.

We don't know if we're in a bear market.

A lot of people are starting to think that we are.

I'm starting to think that that may be the case.

I will say this, and one of the things that I wanted to say during this podcast, I built

my frameworks around my ways of thinking around kind of what's going on through the last cycles.

2017, which I was directly involved in, the 2013 timeframe, and probably a mistake that

I made in doing that is giving too much legitimacy to a few cycles and basically 10 years of

data when we don't know really what's going to happen and kind of building up this idea

that we think we know.

Now, some of my theories may still prove to be correct.

I thought, slash still think, possibly, that we were in what's called a lengthening cycle.

And we may not have reached the top yet for this cycle.

If it goes much lower, I will say definitively that we're at least in a temporary bear market.

Now, we could be, you know, typically the bear markets last a couple of years.

We may have a shorter bear market this time.

I don't know because playing against all of this lack of retail involvement is the reality

that there's less Bitcoin available right now in what they would call a liquid state

with what you can sell, then there has been a long, long time.

And that is typically a very bullish thing.

There's a lot of very bullish indicators that would tell us that the market should be trending

up, but we see otherwise.

To counterbalance that, what it seems to me, what I've kind of come around to is that Bitcoin

and crypto in general, because of that, is very much following the stock market.

I always think that's funny because Bitcoin was created as a reaction to the money printing

and the bank, you know, the global meltdown in 2009, the bailouts and the big banks, et cetera.

And yet here we are, stock market goes down, Bitcoin goes down, and that certainly is what

happened going into the weekend, and it continued through the weekend, at least so far.

I recorded this, I'm recording this Saturday night.

I'm going to go ahead and put it out as soon as I get done and can get it edited rather

than our normal Wednesday morning release, but I would encourage you, despite all of

this, if you've been buying Bitcoin, if you've been buying Ethereum, ADA, other alt coins,

don't give up.

Now we've discussed over numerous episodes, a longer term view, dollar cost averaging,

it's a great time to buy.

The price is down 50%.

Yes, our portfolios most likely are down 50% from November, maybe more.

It's a great time to buy.

Why?

Because right now Bitcoin is down at levels that we haven't seen in a long time.

And if it goes down lower, it'll be an even better opportunity.

The lower it goes, the better the opportunity is if we believe in the long run where Bitcoin

is going.

If you don't believe, then don't buy.

I'm not going to tell you to buy into something that you don't believe.

If this is just some speculation for you, then it's probably, I don't know.

I'm not going to tell you to buy or sell or hold or whatever.

But if you're like me and you have belief in what's going on, this is a painful time.

I get it.

I've been through this already several times.

It doesn't get easier, at least for me.

But you got to keep in mind the long game.

Where are we going to be in three years?

Where are we going to be in six years?

It's 2022.

Where are we going to be in eight years?

Where are we going to be in 2030?

Do you think we'll be at $40,000?

I don't think so.

Do you think we'll be at $100,000?

I don't think so.

I hope it's a lot higher than that.

I believe it's going to be a lot higher than that.

Again, we have all these bullish metrics that we can talk about that show that in the bigger

view that Bitcoin will be going up.

But we've got all this negative bearish data, not data, bearish things that are going on.

Stock market going down primarily, in my opinion, because of concerns over the US Fed

Federal Reserve raising rates.

There will be another meeting about that Wednesday, by the way.

You will want to watch that closely.

If they come out and say, we're going to continue with our plan,

I fully expect the stock market to keep going down and I expect Bitcoin to go down.

I expect us to test that $30,000 level, if not lower.

But again, what are we here for?

So my recommendation is if you're planning on buying, continue to buy.

Try not to stress out and panic sell.

I don't think that would be a good idea.

I think in a few months, we may be in a completely different place.

Even if this is a short-term bear market, maybe six months from now,

we're back there at $60,000 or higher. I will give you an example of some of the change.

I was thinking about this. This was our news for the week.

And as far as I know, it's the only significant news,

other than the fact that upcoming we've got this Fed meeting.

Google, everybody knows who Google is. One of the top five, I guess, biggest companies in the world

is hiring an executive from PayPal. Now, I always think it's interesting when this stuff becomes

news. I'm like, eh, whatever executives move around. But in this case, it became news.

And part of it was because Google explicitly said why they were doing it. They were hiring this guy.

And I don't know his name. I apologize, Mr. Executive. They have a division where they do

different types of payments, and they specifically are hiring him to help with the kind of the crypto

build out of that. Now, I was thinking about that. That came up a couple of days ago. I think it

became news on Thursday. Did nothing, nothing for the market. And I think that's the reason why

the market. In 2017, say at the point when Bitcoin was at $10,000, if Google would have come out and

said that, the price would have doubled over the next week, in my opinion. That was such big news,

or would have been such big news. And now it's almost no news. And yet it's just another thing

saying we have one of the top 10, certainly largest companies in the world, and they're

making major moves in crypto. I mean, this is like the importance level really of something like El

Salvador. And yet there's nothing going on because of it. So it seems that we get a reaction from the

negative news, but not a reaction from the positive news. You got to keep this positive stuff in mind.

The adoption is happening. Things are changing. People are using Bitcoin. People are using

Ethereum. People, whatever. You've got payment systems that are being set up. You've got companies

that are integrating this stuff into their product line. You've got gaming systems coming online

that it will pay to play those games in crypto. We've discussed that. All of this stuff going on.

So the bad news is still the bad news. You can't run away from it. Yes, the market's down $50,000.

And if you were in a trade, especially if you were in a leverage trade, I know it hurts.

This is why we have to be careful. I would strongly encourage people to set stop losses,

to minimize their risk as much as possible, and even consider not trading, certainly,

because this market can be so unpredictable. We may shoot up next week to $50,000, $55,000.

I don't know. Crazy things like that have happened, but we may go to $25,000,

and we may stay there for a while. We were kind of range bound between $40,000 and $60,000

for quite a while, for months. What happens if we drop down to $25,000 and then we stay

between $25,000 and $35,000 for the next six months? Are you okay with that? To me,

that's a great opportunity to dollar cost average, right? Keep buying Bitcoin. Keep buying Ethereum.

Ethereum's down. I'm not exactly sure. I think the lowest it's hit so far, I'm going to check

real quick. I think the lowest it's hit so far is like $2,300. It was exactly $2,300, at least

according to whatever exchange that was on. It's up now a bit. It's 24 something, but

what happens if Ethereum goes to $2,000? It's a great buying opportunity. People are doing

things with Ethereum. People gripe about the gas fees, but there are things going on.

They are testing the merge process that will provide a great deal of scalability

and new opportunities for Ethereum right now. It's being tested.

I do believe it will roll out this year, regardless of the price of Ethereum.

Do not forget the fundamentals of what's going on. Now, if the token that you're behind is

vaporware, if there's nothing going on there, there's no product being developed, there's no

purpose behind it, then times like this may make that go away, become worthless, but platforms like

Ethereum, Bitcoin, ADA, where you have active ongoing development, they will go on regardless

of the price, and the price will come back. We will have a time when retail gets back involved,

when volume comes back up, and things will go back up. I just wanted to get on here and encourage

you. I need to wrap this up. I use Clean Feed to do our remote recordings for another podcast I

work on, so I use it to record this. They're actually doing maintenance in a few minutes,

so I need to wrap this up. That's really all I wanted to cover. Just a word of encouragement.

I know it's tough. I've been there. I've had sleepless nights, or wake up and look at the

price and go to sleep. It's tough, but keep the right perspective. Remember, zoom out,

right? Back up, zoom out, look down the road. What are we going to be at in three years?

Where are we going to be at in 10 years? It's really not that long. It's funny how fast time

goes. You'll just wake up. It'll be two, three years from now, and Bitcoin will be hopefully

$100,000, $150,000. I don't know. Things will be better if you continue to invest.

Don't sell. Don't panic sell. Be careful. Stay safe. All of that. You guys, I hope that wasn't

too down. Like I said, we've got really great news going on. You've got Google making their moves,

and there's always other... I don't even get into the minor news items anymore. There's just too

much stuff going on. There's always positive things going on, and yes, the economy overall

does seem to be affecting Bitcoin and crypto in general. Maybe we should have expected that.

Maybe I should have expected that. I really didn't. I thought it would actually counterbalance it.

I will be doing a lot of thinking. I've made it a point not to give trading advice, and frankly,

for most people, certainly at this point, for right now, at least until this market decides

what it's going to do, I would not be trading. And you don't ever trade with money that you can

not afford to lose. If you're trading with your rent money, then you need to stop right now.

Maybe somebody needs to hear that. If you're trading with your gas money, stop.

Okay. Thanks for being here. I hope this has been helpful. I hope it's maybe giving you some

encouragement, and I would love to hear from you all. I enjoy hearing from the users. I'm on

Twitter at McIntosh Fintech. I haven't been posting a lot lately, but I want to try and start

doing that again. You can reach me by email also at McIntosh.com. I'm on Twitter at McIntosh

email also at McIntosh at GenWealthCrypto.com. And of course, the generational wealth website