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Bitcoin Parabolic Move Beginning!

Brazil is still waiting on the vote for Bitcoin to become legal tender.  US is still waiting on the SEC to approve a Bitcoin ETF.  Ukraine, Laos, Panama, Mexico, Venezuela, Columbia, Nicaragua, Costa Rica, Panama, Ecuador, Peru, and Cuba are also watching and waiting to vote on Bitcoin as a legal tender.  Yet, in the meantime.  Bitcoin rocketed past the $54K resistance and so far, topped at $55,555.  We expect $56K to be eclipsed today, maybe $57K! Here is a CNBC headline today:

Below is the chart whereby Bitcoin flew past the stubborn resistance of $54K:neutral-atm-bitcoin-parabolic-move-beginning

For the next few days to a week, the next resistance is the 1.618 fibonnaci number on this chart below:
Laugh, but that level is $87K.  Maybe it takes a few weeks to get there.  The point is there is not much technical resistance above these price levels. 
Below is a very zoomed out chart going all the way back to 2009!  Each vertical line is 5 years!  Over the next 5 – 10 years Bitcoin will fill in this blue box below, somewhere.  $2 Million, $5 Million?  Scarcity forces this.  When fiat currency monetary policy is this loose globally:neutral-atm-bitcoin-parabolic-move-beginning

There is a dark side to this Keynsian monetary policy, now called MMT.  Modern Monetary Theory.  It devaluates all currencies.  Goods and services, priced in USD, become out of reach for middle class and below.  It leads to demand for Bitcoin going up and staying up.  This chart explains it well.  80.9% of all sovereign Bitcoin supply is held by long term holders!  Those invested in Bitcoin 6 months or longer without selling:

As long as long term holders are still holding Bitcoin, the price action will remain very bullish.  FOMO can last quite a long time in Bitcoin.  Past bull runs teach us that.  

Back to what still concerns us.  China Evergrande not withstanding.  Below is a picture of the US, the green dots are cargo ships, which have not been offloaded. 
A lot of food on those ships!  There are also people being transported on those cargo ships, which is frightening. We are NOT being told why:

neutral-atm-bitcoin-parabolic-move-beginningWe know there are ports (remember, 8 owned by China in the US, as our blog late last month said) that have not been offloading these cargo ships.  The wait to offload a ship is very extreme.  We have read varying numbers, the wait is exponentially longer than usual.  There are procedures to check these ships, inspect, verify the contents.  We are not here to discuss politics.  We won’t.  Just that there are extreme delays, likely to add security and safety to the offloading process.  However, from a global macro economic perspective.  This ship offloading delay, is having profound effects on the economy!  Below is a chart on natural gas prices:neutral-atm-bitcoin-parabolic-move-beginning

A 400% increase in 8 weeks!  Food prices will be impacted by this!  The real impact from these delays, has not been felt yet.  A tsunami of inflation is coming!  That is our fear.  Why!  Because global shipping delays have absolutely collapsed, global supply chains!  There is a contagian effect to a supply chain collapse that takes time to hit the economy!  

Bitcoin is up which is great, it will go parabolic through the 4th quarter.  Perhaps, and likely it will last into 2022 a little.  However, this is a hedge reaction, to out of control money printing, and supply shortages.  So Bitcoin going up in value, USD going down.  Food supply, among many goods we rely on, are short, with prices going up in the future.  So we are warning, and praying, this gets corrected soon!  October is Uptober for Bitcoin, but it’s Red October in many other areas!

Here is an update on the Pandora Papers, click here to read.

Corruption is being exposed.  When reading this, notice the politicians implicated in this criminal activity, are also from the countries, looking at making Bitcoin legal tender.  Those are the countries with the highest inflation!

Neutral ATM buys and sells Bitcoin as little as $20 at a time!  You do NOT have to buy an entire Bitcoin.  Neutral ATM is here to get everyone off of zero Bitcoin.  


Give Neutral ATM a try.  We have low rates, convenient locations and we are expanding. Contact Neutral ATM, we will answer all your questions about Bitcoin and using our ATM machines. Find a Neutral ATM Bitcoin machine location near you.