Bitcoin price is hanging on by a thread With many waiting and hoping to be able To buy Bitcoin in the low 50k range see I'm waiting and I'm hoping that Bitcoin Gets down to $51,000 $52,000 right around here I've seen some People say I'm not buying until Bitcoin Gets in the $40,000 range like what do You think what's your plan for this Market the real question is does the Almost 900 million 140,000 Bitcoin in Cell pressure from Mount goau how big of A deal is this how big of an effect will This have on bitcoin's price could we See Bitcoin hit the $40,000 range here Insider John Glover who's the chief Investment officer at lein shares his Insight on the whole Mount gaw situation Listen the market is bracing for the now Defunct exchange Mount gaau to start Distributing as many as 950,000 Bitcoin To customers awaiting payouts from its Bankruptcy process of course that's good News for creditors and customers who Have been waiting for those Reimbursements for years but it could Have a negative effect on price in the Short term what do you think the impact Of that Bitcoin distribution could be uh Well I I think the distribution is going To be a little smaller than you you Indicated I think it's going to be more In the line of around 140,000 Bitcoin Which is still you know over 9 billion
Wor Bitcoin so still very significant um But it's what's uncertain is exactly how Much of that is going to be taken up Because you know there are a lot of People who may have forgotten that they Had any Bitcoin on Mount GA because they Had small balances people could have uh Passed away in the past 10 years and the Their Estates are unaware of it um so it May be that it's only a percentage of That 140,000 Bitcoin that actually hits Uh you know is taken up in wallets um And then the next question is how many Of those people are going to see that as A windfall that they want to cash in on And a lot of these people who were Buying Bitcoin back in 2010 to 2014 when Mount Cox was operational they were very Early adopters obviously and Bitcoin Enthusiasts and many of those people Will want to hold on to that Bitcoin Because they still believe that there's A lot further to go uh and then those That are in jurisdictions that have Capital gains tax may see this as you Know they've got this huge windfall but They don't want to give up you know 25 To 50% of that in capital gains and so Therefore they'll they'll hold on to That and maybe borrow against that to to Monetize the value of that Bitcoin so my My view is I don't think that we're Going to see you know 140,000 Bitcoin um Selling pressure into this Marketplace
But even if we do the one thing to think About tal is that's n billion dollar of Bitcoin in a market that trades 30 to 40 Billion dolls a day in Bitcoin so it's a Significant amount but it's not going to All hit in one day and it can be Absorbed over time so while we're Waiting for a possible dip in the short Term it seems like in the midterm to the Long term a rebound is coming you Remember what fun strats Tom Lee said Bitcoin's probably suffering from the Mount gaau you know starting Distributions in July that was a huge Overhang for many years but if I was Invested in crypto knowing that one of The biggest overhangs is going to Disappear in July I think it's a reason To actually expect a pretty sharp Rebound in the second half so I think You know 150 is still Within God it's already July 1st so That's that's so you're not taking that Off the table that's still possibility That's right the question is do Tom Le's Peers and other industry insiders agree With Tom Le's analysis watch John Glover React to Tom Le's prediction it's Interesting he reacted this way this Week fund strats Tom Lee said that while The mount GA bankruptcy is hanging over The crypto Market he expects a sharp Rebound for the cryptocurrency in the Second half of this year do you agree
With him at all what's your outlook and What's your time line for Bitcoin to Potentially hit those all-time highs we Saw back in March once again what would It take so I I do I am looking for a Similar bounce in the second half um I Think the summer doldrums will continue Until the fall and then we see Bitcoin Rally up to somewhere between 85 and $100,000 uh price point whereas I know Some others are looking for a lot higher Than that um I just don't think that There's going to be enough impetus to to Make that through and I I don't think There's going to be enough tradition Addal Finance pressure to push that Higher so you know my view is I would Accumulate Bitcoin down in the 50 to 60,000 range looking for 85 to 100,000 Later in the year of course because of All this because Bitcoin is close to Ripping above a 15year all-time high Because Bitcoin is where it is in the Cycle many are now looking for altcoins For the biggest gains institutions like Salana here investor and founder Joe Mccan says that he thinks an 8X in price Is coming for salana salana needs to be In your portfolio listen uh if a spot ETF gets approved there's an 8. NX Potential increase in Solana's price Right again you start talking to you Know the r Pauls of the world who are Big Salona bus have massive platforms
With lots of people that are listening To him and his perspective and you see Things like GCR suggesting an 8.9 X or Vanx saying $3,300 a token it's not that Difficult to see a world where people End up getting exposure to this just on The speculative nature of How High this Thing could actually go so I have a big Buy order set at 51k 52k now I'm a Believer that Bitcoin is going to be at A higher price by the end of the year And by next year it's going to be at a Higher price SO waiting for 51k 52k may Be a moot point we're already pretty Close but I already have my huddle Position so I really want to try and Snipe it at a low if it gets there again You tell tell me what are you preparing For will you buy do you think it's going In the 40 range the 50k range what do You think and really what I'm expecting Is Bitcoin kind of continues to range Once we see a breakout of this yellow Line then we can definitively say almost That okay the next level up is coming But really we need a catalyst so the big Question is what is the next Catalyst of The cryptocurrency space and I would say That the catalyst is this ethereum ETF It's going to either get approved this Month or next month Mon and when it does And when it gets going that's again Going to really signal to the industry Especially as they start reporting the
Flows say this much INF flowed on this Day this much INF flowed on this day oh Now we had outflows just like the Bitcoin ETF this will be the next Catalyst this is what's going to raise Up all crypto prices particularly once Bitcoin starts to show some strength the E ETF uh approval from the SEC if that Happens then that will rise uh that will Raise up all uh crypto pric Just as the BTC ETF approval did I think In general it's going to it's going to Raise prices across the board um Obviously eth is going to be the main Beneficiary of that but I think that That's going to pull all the other kind Of top cryptocurrencies I I wouldn't say You know mcoins are definitely going to Benefit but the you know top five Altcoins will like the benefit as well Because speculation will be that they Will be next in line for uh for ether Sorry ETF approval um so I think it's Going to benefit the the entire Ecosystem the question is will these Products the altcoin ETFs be as popular As the spot Bitcoin ETFs now obviously There's two schools of thought some People say no these won't be as popular As Bitcoin ETFs still some people say Actually I think these might be more Popular I think in general it's going to It's going to raise prices across the Board um obviously eth is going to be
The main beneficiary of that but I think That that's going to pull all the other Kind of top crypto currencies I I Wouldn't say you know Meme coins are Definitely going to benefit but the you Know top five altcoins will likely Benefit as well because speculation will Be that they will be next in line for uh For ether sorry ETF approval um so I Think it's going to benefit the the Entire ecosystem do you think these Products will prove to be as popular as About Bitcoin ETFs I think they I think they will um You know there's going to be an Allocation that traditional investors And even you know uh investment advisors Are going to be uh stating as as a Normal policy or a normal portfolio Approach so it could be that people are Going to allocate two to four% of their Portfolio to crypto assets and the best Way to express that uh certainly in a Tax efficient manner and and incure Manner is through the ETF so I think That it's going to be prove to be a very Popular asset class across the board in In the US as we've seen in other Countries like Canada and Australia who Have them today hey make sure you get Your tickets to bitcoin Nashville this Month use code altcoin daily for 10% off Hope to see you there hope to be hanging Out with you guys happy 4th of July I
Know it's a slow day but again now is The time to Double Down triple down on Your cryptocurrency research and Strategy Bitcoin is going to pop back Above alltime highs sooner rather than Later I think you don't want to be Caught off guard you want to be watching It happen you want to be fully prepared So make sure you subscribe and see you Tomorrow my friends
