Bitcoin Price Remains in Summer Doldrums, Trading Around $29.3K

People in Congress are investigating aliens. But there's one thing we know Bitcoin is right now on planet boring. Joining us now to discuss the crypto markets is tact wealth advisor Eddie Gifford. Welcome Eddie. Thank you for having me guys. Thank you for being here. So, of course, uh this has been the most lackluster summer in a long time. Definitely, it's some of the lowest volumes we've seen all year is gonna change. I mean, like the we're seeing in the headlines with uh ETF S and things like that is this is this, it is this it, are we bored? Are we gonna just stay boring? Anything happening anytime soon? I sure hope not. But I mean, what we've seen this year is we've seen these like sideways or almost uh patterns where Bitcoin is kind of falling slowly. Uh Cryptocurrency in general is kind of falling slowly and then all of a sudden boom, we we get some type of spike and then we kind of like trail off and then boom, we get some kind of spike, right? So I think we're definitely poised for a move. Of course, I, I think a lot of it was leading up to the fact that we had hope that we were gonna get some uh spot Bitcoin ETF S in September. I think that we all know that that's gonna be delayed as long as possible. And so, you know, could we continue to see these lower volumes heading into early next year? Uh Absolutely. Of course, if we end up getting any actual approvals uh on the exchanges and spot ETF S uh we're gonna see at least volatility right. At least some movement there. Uh Whether it's a hard no or, or an absolute yes. Uh And then obviously we've got uh having an event next year too. So I think we're leading up to some excitement. Uh But, you know, there's, there's nothing really saying anything big right now. I was just going to say that are we going to know that things are really dull when people start talking about the having? It seems like every time things are kind of quiet all of a sudden we start, yo, did you know there's a having event? Really? No, I didn't know that it was just in the white paper but it's, I, I mean, like it just seems like every time it's just ii I excuse me, but II I just find it like every time things are kind of like quiet all of a sudden here, you know, there's gonna be a having event in three years, things like that. I like like, is that, is that the gauge? Now, do we, do we try, like mentions of having in any, uh, in any discussion, the more there is the, the, the more boring Bitcoin is, I think the closer it gets, I think that that's just kind of AAA natural conversation to have. But, you know, when, when you look at things in general, you know, the, the we, we had a, a summer where everything was kind of known, right? And, and everything is starting to become unknown again, right? And, and what we've seen at least this year uh in March, for example, when banks took a beating is we saw almost a flight to safety occur, not only in us treasuries, which you know, only see, but we actually saw that kind of happen with Bitcoin. So if, if that continues to be the trend, if the the younger investor is piling more money into Bitcoin when stuff gets a little bit scary. Well, stuff typically gets a little scary heading into September and you know, we just saw China come in and say, hey, we're cutting rates today and that's kind of spooked the the the general broad stock market today. And so I think that we're seeing more unknowns and that more unknown might drive a little bit more money into cryptocurrencies in general. Uh still the the highest adopter is Bitcoin because, you know, that's at least what people hear and they're like. Oh, ok. II, I can put money in Bitcoin. They don't, they don't know about the whole all coin thing yet. But, you know, we'll take it one step at a time. Maybe they know too much about all coins. Well, that too, when, when Eddie, do you anticipate movement in the markets, we have maybe an ETF application. Maybe the having. But when do you expect to see some upwards movement? Well, we've been sitting in this range for a long time. I mean, we obviously uh you know, hit 25 of the summer and, and now we just feel like we're stuck between 2030. I mean, it, it feels like we're poised for, for a move back to 31 5, uh at least in the next like 60 days. Uh Of course, if we break before below 28 we, we can see that move down to 25 pretty rapidly. So, II, I feel like we're due iii I don't know why, but I feel like there's, there's uh something uh under the surface that's, that's gonna provide some movement. Uh I just, I'm not sure what the direction is right now. You, you, you brought up China cutting short term rates uh to kind of spur their economy. They're having issues nonetheless. The US different track, it seems. Uh do you think we're gonna get a pause for now or, or, you know, one more rate hike or do you think the fed has just said, you know what? This is fine, we're fine, everything's fine. We'll just leave it at that. Or do you think we might even see a cut? I don't think it cuts around the corner. I think uh you know, when you, when you look at the most recent inflation print, we're still with, you know, core inflation at 4.7% which is far, far, far from the 2% the fed is targeting. So it was surprising if we didn't get at least one more raise unless like we have some crazy data happen over the next month. Uh So I think that, that we're, we're still gonna see one more hike at least. Uh My fear is that that one more hike turns into two more hikes, three more hikes, four more hikes because inflation just doesn't get under control and that would be bad for all markets. So, I mean, we saw what happened to Bitcoin in 2022. We saw what happened to all markets in 2022 and if we start seeing, you know, inflation rear its ugly head again and say hello, surprise. We're not really under control. You know, that's where things can get a little bit dicey. All right, Eddie, we are going to leave it there. Thanks so much for joining the show this morning. All right, I appreciate it. Thank you. That was Tact of Wealth Advisor Eddie Gifford.