hey everyone and thanks for jumping back into the cryptoverse today we're going to talk about bitcoin and an important weekly close coming up in just a little bit if you guys like the content make sure you subscribe to the channel give the video a thumbs up and also check out the telegram channel which you can find a link to in the description below so you know on this channel we really like discussing weekly closes i do believe they fail are are fairly important we've talked about how important they are for holding the line of NUMBER_TOKEN week estimate to maintain the security of the bull market or at least the um you know the confidence in the bull market and whatnot and we can even see that as as we've mentioned you know bitcoin bounced right off of that NUMBER_TOKEN-week sma and it's it's propelled it to very close to reaching new all-time highs okay but i want to talk about why this weekly close is somewhat important if you look at the valuation of bitcoin right now we're at NUMBER_TOKEN k okay the highest weekly close that bitcoin has ever had ever is at NUMBER_TOKEN NUMBER_TOKEN NUMBER_TOKEN NUMBER_TOKEN so just shy of a very modest sixty thousand dollars now could we i mean first of all i should say that weekly close is is going to be very dependent on on the exchange you use on some exchanges it might be slightly higher than that on summit it'll be slightly lower but more or less the highest weekly close ever is NUMBER_TOKEN NUMBER_TOKEN plus or minus you know a few dollars depending on what exchange you use bitcoin right now is above that so if bitcoin closes this week above that level then we have officially put in the highest weekly close that bitcoin has ever seen which even provides more evidence in my opinion that the market cycle peak was not NUMBER_TOKENk now that the valuation of bitcoin has already gone back to NUMBER_TOKENk it certainly does provide overwhelming evidence that NUMBER_TOKENk is not the market cycle peak but even if we don't reach NUMBER_TOKENk by the weekly close having a weekly close higher than the prior weekly close i think that's incredibly bullish and again it's just a matter of time before we break through new all-time highs i mean for the way i see it worst case scenario um would be you know a short-term rejection okay where we where we maybe go up to the all-time high or just below it we get rejected for a couple weeks and then maybe we go back up and break through it i want to draw your attention to some you know if we if we take this pattern it's actually been following it fairly closely um not not exactly but something to keep in mind is is this pattern here that we watched play out earlier in the year and it's it's actually been playing out really closely again okay now the pullback this time wasn't as bad okay during during this phase over here but you can see it's pretty much on the same track that it was back when it had a a major move in in july okay so we had that move in july from NUMBER_TOKENk all the way up to uh just below NUMBER_TOKENk this move started you know around NUMBER_TOKENk or so and it's already moved up fairly similarly to the last move okay and if it were to continue to play out like the last move it would imply that within a couple days i mean bitcoin could break its prior all-time high maybe within two or three days if it were to continue to play out like that and
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