An Exciting 2024, Looking Ahead to Market Cycle Euphoria, Bitcoin Price Chart and the Altcoin Market

Blockchain Backer’s Technical Analysis Toolkit for Crypto – http://www.BCBacker.com
Blockchain Backer Newsletter – https://blockchainbacker.substack.com

Blockchain Backer 702 Digital Art NFT Collection on XRP – https://nft.onxrp.com/collection/blockchain-backer/

Hi, I am the Blockchain Backer, bringing you the latest cryptocurrency news and analysis. The content of my channel primarily focuses on crypto news, motivation, and chart analysis on the XRP chart, Bitcoin chart, various Altcoin charts, and market cap charts.

DISCLAIMER: I am not a financial adviser. Investing and trading is risky, and you can lose your money. The information in this video should not be used to make any investment decisions. You should contact a licensed financial adviser prior to making any investment decisions. Any affiliate links in the description of these videos may provide a commission if you decide to purchase their products. I appreciate any and all support of my channel, and without you, I wouldn’t be here. Thank you.

Hey what’s going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and Analysis today we’re going to be taking a peek over here at the Bitcoin price chart along with looking over there at the altcoin market as we get ready to wrap

Up the year of 2023 and head into 2024 looking at the state of where Bitcoin is at right now along with the nice recovery we’ve seen over here in the altcoin market here in 2023 after bouncing off of the 2017 and 2018 Peak back in here as FTX collapsed back at

The end of 2022 but also looking ahead as well over here at the stock market and really what my thoughts are currently right now as we get ready to go into 2024 and how my thoughts are that the first first half of the year is probably going to be pretty exciting but

That there’s a lot of complications heading after that and the question still remain on is Bitcoin still following 2020 where we’re just in some consolidation getting ready for a massive run to happen with Bitcoin as everybody anticipates a Bitcoin ETF to be approved in about 2 weeks from now or

Are we still just playing along to the tune of 2014 through 2016 or have one of the theories and hypothesises that I’ve presented for the several years been that Bitcoin is just going into a retracement and that if we’re going to be making a top very similar in here to

The stock market as we did for Bitcoin back in 2021 oh wouldn’t we be looking for something like this to be showing up for Bitcoin as well right now if that’s what we’re anticipating to be happening in the stock market and well funny enough if we actually do play along to

That tune we do have something very similar to that happening here with Bitcoin right now and we’ll talk about that in today’s video as we look ahead as we get ready to wrap up 2023 first of all it’s no surprise to anybody who watches this YouTube channel regularly

That Bitcoin has been acting very very similar to what it acted like back at the end of 2020 before it broke out and went absolutely rampaging to wrap up its Bull Run in the first half of 2021 prices have acted incredibly similar in here to exactly what we were doing back

In 2020 here in 2023 and even right now consolidating as we did back in 2020 what’s even more amazing about this too is that it even acted the same like this for the stock market at the time in both circumstances of leaving that long range

Even back here in 2020 here in 2023 as the stock market was pulling back with an ABC correction pulling back with an ABC correction the big narrative during both times is look Bitcoin is decoupling from the stock market we’re breaking out as the stock market is breaking down

That’s what happened in 2020 it’s also precisely what happened here in 2023 so there’s no question the similarities of what’s happening in macro and happening in Bitcoin they’re all very similar because not only was this happening here but also the stock market breaks into an all-time high here on December 13th 2023

And it broke into a new all-time high here November 9th of 2020 and of course with both of those time periods we’re talking like a year or two that it took for the stock market to go back and break those alltime highs so all those similarities still align right in there

From 2023 to 2020 price structure macro conditions new all-time highs for stock market new alltime highs for stock market consolidations consolidations just unbelievable similarities still happening in there also a positive element to see is that the altcoin market has just been rampaging out of that 2023 and 2022 range during the

Whole time these are types of things that are happening as we’re getting ready to rock Ro and roll which is what was going on in here as we can see in these circumstances we essentially stayed stuck underneath ranges for a year and a half here in 2022 and 2023

And about two years here in 2018 through 2020 but when you lay down the Fibonacci in here once it finally escaped from the 236 Fibonacci retracement level we were off and on our way here we go we look here at 2023 we have finally escaped the 236 retracement level all positive signs

Of what we’ve seen before right and one thing we unequivocally know is that each breakout in the stock market is when Bitcoin has had its major bull runs 2013 2017 2021 they are all in coordination with the stock market at each major breakout happening every bull run with

Bitcoin happens when it’s happening with the stock market so you see the new all-time high it definitely opens the window of possibilities right it’s not to say that Bitcoin will because we’ve definitely seen all-time highs happen here for the stock market after bull runs right the 2017 Bull Run we set a

New all-time high here in 2019 and then in 2020 go into c19 Bitcoin does not set a new all-time high here with this break with the stock market but we know that it has been a requirement for each of bitcoin’s bull runs that the stock market is in an actual breakout so one

Condition has to be met which has been met right doesn’t mean it’s not a trick but we know that has to be an element and so the thing we need to be looking for in 2024 at least the thing that I’m like looking at like a hawk is to see

Are we going to be making a top are we going to be making a fake or is this a true breakout happening here for the stock market my hunch is this is a fake due to what we see over here in the ndxt and of course those Fibonacci extensions

Of the Dow Jones Industrial Average this is the same height we went in the Roaring 20s before the bubble pop for the Dow Jones in the 1930s it’s not just the Dow Jones that we have doing this that’s near it’s 4.236 extension it’s also the NASDAQ in here you can see the

NASDAQ awfully close to its 4.236 extension and oftentimes what we see when we get near the Peaks is we see the initial profit take and that’s an aggressive selloff where you see that initial profit taking very similar to what we saw happen with ethereum and

With Bitcoin back in 2021 that as we got very close we have the initial profit take then we go on and set the new high only for it to hit the 4.236 extension and then roll over and we know how close we are with that for the Dow Jones and

For the NASDAQ not only that but even the structure in here for the NASDAQ this ending you can just see it and kind of count it here you build a little bit of a base here and then one two 3 four five and then the big pull back down

Into the base that’s exactly how this top came in in here for ethereum on the initial profit take that you see here’s the base built 1 2 3 4 five pulls back down into the base and we’ll take that off there you see we pull back down in

Here then you go off and hit the new high and it’s very shortlived we also happen to have that same structure here on the ndxt as we did for Bitcoin back in 2021 where we have that initial profit take happening here where it pulls back down bounces up find support

On its preliminary support with an ABC correction as we did for Bitcoin in here and then shoots its way up up and that’s exactly what we’ve had happening in here shooting its way back up so in 2024 it’s going to be a lot of looking for this

Stuff but we could look back in our minds and reflect back on what was it like at the end of 2021 it was irrational exuberance extreme excitement YOLO longing going crazy markets in general were just exciting during that time so it means we’re like heading into

This if this is our if this is the base case right even in this like CD situation long term like you look towards the first half of 2024 and you say what does it look like it looks like a period of rational exuberance a period of excitement a period of euphoria

Everything’s going great the the Bulls are mocking the Bears and the most Googled recession of all time will be capitulated on to say we are obviously doing a soft Landing we’ve done everything we’re perfect we’re gravy kind of like in here you know with Bitcoin just admit it’s a bare market

Then it sets a new alltime high and then it loses itself right so the things like what I’ll be looking for heading into 2024 to say Hey you know is this scenario aligning right it would be really just to see similarities to that right that it does set a new alltime

High here for the ndxt and that there is some type of pullback whether that pullback does hold on top of the previous all-time high or it does even dip all the way back down to hitting like the 786 Fibonacci retracement level and then watching for that additional

High to come in there and then eventually the lights coming out on it but this whole period here in the first half of 2024 would likely be incredibly exciting mix with a couple of scares as we did for Bitcoin in here but reflecting back on it I don’t think

People were really that scared people say why would we set a new alltime high and not continue to so then when we go back and we set it a second time totally convinced this thing is going up forever I can imagine that being the same circumstance here right we set the new

Alltime high do do do you really think we’re just going to set the new alltime high and not keep going right especially if we pull back and then we set it again right you know how it goes right so all this looks really exciting right but

Like if I think of like if we’re going to have this type of structure happening in here like we had for Bitcoin in 2021 and we have something like that showing up here in 2023 and 2024 you know would we see that happening over here on bitcoin and that’s what’s really

Interesting to me too cuz as you guys know my thoughts have been you know we’re going back into retracement levels my thoughts have been you know we’re not going to be exceeding those retracement levels obviously if this ends up being the case in here that will be proven

Wrong but like even if we take that example we take that price Behavior like we’re talking about over there on the ndxt versus Bitcoin and we take that price action of what did happen when that new high got set over here and just apply that to our current price action

That we have right now to see that like this has been stretched for scale but structurally they’re doing the exact same things as they were back in then right you can see here’s you know initial support here’s resistance level right it gets stuck underneath here sets

The new low goes back up to the resistance level and pulls back you can see that happening over here as well right here’s a resistance level hits it goes and sets the new low shoots its way back up to the resistance level and pulls back as we do in here right we

Break from the resistance level then we come back and back test it as a support and then just shoot our way all the way up and you can just see that is really how this has behaved in here everybody’s euphoric and everybody’s like Bitcoin ETF and what do we know about every

Financial product that’s been released for Bitcoin it’s marked a reversal whether it’s Bitcoin futures or if it’s BTO which is the pro shares Bitcoin strategy ETF gets released at the top marks the reversal whether it’s Bai which is the pro shares short Bitcoin ETF it gets it gets released at the

Bottom right it gets released down here in June of 2022 right every Financial product that gets released for Bitcoin including Futures in 2017 they all Mark these reversals and are we lining up at a timing for where another Financial product is finally going to get released for Bitcoin everybody’s euphoric everybody’s front

Run it already right and that marks the end for Bitcoin I laugh because it’s just the polar opposite of what people would think right markets always Lov to dish out the max pain of like everybody wants to be a fundamental an analyst right you want to be a fundamental analyst and

Understand it and read it and and not recognize right the time to sell is when everybody’s looking for 100k the time to buy is when everybody’s screaming we’re dooming because of FTX collapsing right like when things are their most optimistic that’s when when the tops come in and when things are their most

Pessimistic that’s where bottoms come in and here we go we get back into retracement levels we get back into the April levels we’re just barely shy of 702 right what if we get the the ETF approval shoots it up the market cap hits the 702 and it would just be so

Ironic right wouldn’t it just be absolutely after all the things we’ talked about for all the all these years that the market cap of Bitcoin gets back to the trillion dollar level which is a 702 retracement and that is the ETF release it’s where you have your Euphoria excitement irrational

Exuberance retail investors all pile into the market because we’re now going to go to the moon and it all happens at the retracement levels and that this ends up being the marker of of the end right and I know it sounds really like doomy to be like talking about it in

That manner but it’s having to really kind of have an understanding of when moments like these happen and when moments like these end up happening in the market you know take it off of Vlog scale just to kind of put it into context in there of like when this stuff

Happens like these big explosions that happen in here that only last you know a matter of 19 weeks or like when you get one like this back in here where you know you go from 10 billion all the way up to 79 you know this is 8 weeks for

That to happen and and these moments are end of cycle type of things that happen in here these crazy huge massive pumps where everything is absolutely nuts they don’t just like just show up in the middle out of nowhere when nothing’s going on they always come with the absolute Euphoria the absolute ending

And crazy crazy stuff so it’s kind of just like trying to like pinpoint other things showing up to say we could be at like that super crazy moment happening in here and super crazy moments happen when you’re noticing that there’s like an area where a top could come in so

It’s not necessarily to be like doom doom doom or doom doom doom it’s to say you know we’re reaching that point where like the irrational exuberance stuff could happen in here and that’s when these sty moments end up coming in markets they don’t show up in the middle

They show up right in the the final everybody’s euphoric everybody’s a Believer everybody thinks everything’s going to be crazy and good um and that’s how it always happens right there at the ends and I presented a lot of this you know in the last couple of weeks that

You know there’s enough time left on the timetable for it like you know people believe that you know the FED cutting rates is going to be a great thing and we look through it we look through like the the times when the FED has been paused and the times when the FED does

Like the first one or two cuts and that like that timetable gets us there between like March and may which is just the right amount of time to have some irrational exuberance happen in our market and it’s always just important to remember that you know those times when

They’ve happened in this market they’re always really short they’re shortlived you know 56 days you know 133 days you go from 40 billion to 427 billion you know 133 days so I’m definitely excited for 2024 but I also look at it very similarly to like we did in 2021 where

It’s like there’s going to be this pivotal change at some point within the year and having to kind of get ready for that right like 2022 and 2023 it was all about really like focusing on like w off the accumulation focusing on the bottom getting out of there how many times have

We look at wof accumulation fractals and structures and and talk about last points of supports and springs and initial pre preliminary supports and all that stuff that’s what all of 2023 was really focusing on right cruel Summers and fortunately we’re heading into 2024 with a market that’s just been rocking

Right and it looks like we’re going to keep rocking into the early phases of 2024 and we have the chance of like hitting this point where a peak comes in and when Peaks come in that’s historically when crypto goes on the massive explosive moves that end up

Happening but you know the thing that you know we’ll be looking for is that the market in general is typically behind right like they typically don’t have the sight on it you know whether it’s at the peak you know looking for 100k and the top side at 60 something or

At the bottom they’re all looking for 12K for a whole year the market has just been misguided on where we are like in cycles and stuff right like thinking we’re in some type of super cycle at the top or thinking that we still had to like we were acting like 2019 and 2020

Or crash retrace right we kept having to say this Market is not 2019 this Market’s not 2020 and that we’re way deeper into this thing with Bitcoin than people assume that the peak of Bitcoin happened in April of 2021 and that’s hard to understand when like the the

Price Peak happened in November of 2021 but the altcoin market tells us story that it was that retrace and when Elon Musk went on Saturday Night Live that that was the peak of the market the day Elon Musk was on Saturday Night Live and so we’re really technically like almost

Three years into this thing and enough time has elapsed for just a complete reset of the market but if you’re looking for something explosive to happen those things typically show up at end of cycle stuff everybody’s convinced the Market’s Wicked bullish everybody’s crazy everybody’s a big risk taker and

That’s those moments where the market you know goes goes nuts and hate it or love it retail loves to do it at tops they they don’t touch bottoms they go after tops and we’re starting to see that and it might it might be crazy and we might end up getting the Bitcoin ETF

Stuff if it even happens I’ve been very skeptical that we’ll even get it but if it happens you know at the retrace levels so I think we have a lot of the elements that you know you look for when it comes to cycle peaks with cycle peaks

Of extreme risk taking and you know everybody’s confident everybody’s a winner and those are always the moments when stuff like this ends up happening is it’s that cycle Peaks right the craziness doesn’t just show up you know unless there’s some irrational exuberance and it feels like we’re approaching that moment of irrational

Exuberance into 2024 so I’m truly excited and I don’t present this to be a Doomer it’s to build the case that hey you know something crazy could come in this market because we’re entering into that type of phase but going into 2024 it’s a different story than 2023 2023

Was super focused on rounding out that bottom W off accumulation getting the breakout guess what we’ve got it they said it could never be done it’s up over 200% off the lows in 2023 Now we move on to new phases Beyond yoff accumul we’re done with that now right we’re

Totally done with that and I think that’s a hard thing to think about because we’ve talked about it for so long but we’re done with yof accumulation we now move to phases of retracements liquidation back tests and then seeing if we can get you know enough juice to shoot our way out

Completely with some irrational crazy wild action and that’s going to be the focus of 2024 so it’s an exciting way to end off the year it’s an exciting way to start off the new year you know you got to kind of expect there’s probably going to be some selling at some point likely

Into the new year will then be a whole year beyond the FTX collapse we’ll be in a new tax year we’ll be in long-term capital gains taxes I’m going to bet that we’ll see something show up there in January where there’s a little bit of selling happening in there for tax

Purposes and it’s to be expected you know there are bumps that come along the way we have been very spoiled since October with how straight up this thing has been but it certainly is exciting to go into 2024 just like this and you know I really want to just kind of present my

Case on my thoughts on how I’m looking at the market you know there’s going to be a lot of different takes on there there’s a lot of huge funds that put out their whole reports that have totally different views in what I have but when

I come on here and make content on the channel you know I always have some type of view looking forward that I’m having and you know for all of 2022 and 2023 it was about rounding out this bottom and wof accumulating and moving up now it’s about art well where’s the next phase

And it’s like well okay now we approach the uncertainty point of the retracement levels now we watch what the stock market’s going to be doing up here at these 4.236 extensions and these distribution structures and that’s just you know how I’m looking at the market you’re going to find a lot of different

Opinions on the way people are looking at the market so people think all of it is nonsense because the Bitcoin ETF means everything right but I’m looking at it from this aspect I’m looking at it from hey we W off accumulated as we expected we’re breaking out as expected

We’re getting back to the retracement levels which is typically where the road gets very bumpy up there but we’re also approaching this phase where we could be topping in the stock market and if we’re going to be topping in the stock market that’s typically where retail investors become irrationally exuberate euphoric

And crazy and huge risk-taking and anytime we see big moves that happen like this in these markets these are at the end of Cycles right this is just marks the end right marks the end the big big moves and so if you’re looking for for the big fat move well those have

Always shown up at the end of market Cycles so are we approaching a potential period where we could be nearing the end of a market cycle and it sure seems like it so it wouldn’t be hey here’s just your daily dose of hopium today that we’re going to get shooting off it’s

Like well when did these things show up they show up at the end of market Cycles right they’re like that final euphoric crazy wildness at the end and are we approaching a time that could be that it seems like we could cuz this is what it’s like every time right before we get

Into the red Cuts so that’s the way I’m looking at it right now and just to to know you know going into 2024 there’s going to be bumpy spots there’s going to be really big bumpy spots so we’re just going to have to take it take it as it

Comes at that time but it does seem like we’re getting to a point where there could become the irrational behavior of the market as it totally buys the soft Landing narrative and for that I’m excited so all right I will quit with my rambling it feels good to be back I’ve

Been off for a week for Christmas vacation I just got done with markets in the morning a little while ago feels good to be back with the community uh thank you guys so much for tuning in um of course if you’re looking for something to do you can check out my

Website over here which is BCB backer.com this is a course with over 40 videos and 11 hours of content in here that I personally recorded this year deep diving into the historic behavior of the cryptocurrency market teaching you how to set up your own charts and indicators and how to read woff

Accumulation and ell wve Theory a lot of historical Behavior stuff and additional stuff in here developer data and uh why percentages matter so much not so much the price tokenomics crowd Behavior right Ral exuberance or extreme negativity after FTX and all that really kind of ties in as well as emot with

Emotional management it does include in downloadable PDFs in here so for a lot of the stuff in here you may want to have your own PDFs I’ve got those all made for you you can download them it’s 39 bucks one time no subscription fees for this guy 39 bucks and it’s yours

View it all and enjoy I do write a monthly newsletter I actually put out two per month over here on substack it’s at blockchain backer dos substack do.com we just got done with this series over here with case study going in through all the different stuff that mattered in

2020 and 2021 for the best performers of the crypto Market to try to find some Confluence between a better portfolio compared to rather than is shopping in the top 10 or the top 20 found a lot of interesting data in here and this most recent one crap it was kind of like a

Compilation of the last three doing in developer data circulating Supply inflation and percentage draw Downs to try to formulate could you have used any of that data to build a stronger portfolio in 2021 which we absolutely were able to do I think we outperformed the top 20 by 4X uh by

Doing that stuff and using that stuff in there then we went ahead and did a case study of well of all that same criteria what would match those with the coins that are available today here in 2023 and 2024 again this is available over here on substack there are links in the

Description of this video to BCB backer.com and to blockchain backer . substack docomo in the description of all of my videos and live streams I hope that you guys enjoy it thank you so much for tuning in it’s great to be back and I’ll catch you guys in the next one but

That’s it thank you so much for watching if you could please like this video and give it a thumbs up if you’re new to the Channel Please Subscribe and hit the notification Bell so you can be notified of when I create new content and when I

Go live as always this is not investment advice and I am not a financial adviser but if you ever need a pick me up or a little bit of reassurance just remember that the blockchain backers got your back have a good One