$50,000 HIT on Bitcoin Price Chart as Altcoin Market Clears 2-Month Retrace, Distribution Structures

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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 quick peek over here at the Bitcoin price chart which sits at 49,7 28 along with the altcoin market which is doing some interesting Behavior

Here as it’s threatening to try to break out right now as you can see on the right side of my screen everything is green if you go on to Twitter everybody is happy because Bitcoin hit $50,000 on the button earlier this morning now of course Bitcoin still sits

Over here within the retracement levels but today was a move above the 618 retracement level still leaving that 702 sitting a few thousand higher but with this move this morning we’re finally seeing some action over here in the altcoin market one place we can really

See that is if we look over there at others which is the altcoin market excluding the top 10 this is the range that we’ve been in since early December so we’ve really just bounced up and down this range for two months after having an A C correction through here in 2024

Just a few moments ago I put it was on the one minute chart just a few minutes ago clearing through that last retracement level right there the 786 retracement and now gaining some steam over here in the altcoin market this morning total three is through all retracements total two is through all

Retracements and total two which is the entire altcoin Market excluding Bitcoin and in this circumstance excluding stable coins like usdt usdc and dii also through all retracement levels if you caught my video last week we were talking about about woff accumulation being in the sign of strength phase

Similar to how gold had its a sign of strength phase after escaping its woff accumulation being on top of the preliminary support just as we’ve done over here for the altcoin market and now we’re starting to see some optimistic signs that definitely have my eyes open

Now as for Bitcoin of course I still sit here and say this is the retracement level throughout all of 2022 and 2023 this is where we said we were heading back to now that we’ve gotten here of course you look around everybody’s euphoric everybody’s bullish anytime it

Moves up 2% it gets hooted and hollered about over there on Twitter if you if you dare go on to Twitter and post hey you know it’s time to be concerned you would definitely get chastised right now unlike how that is really the type of content that people gravitated to

Through 22 and 23 as we sit here all eyes of course on whether or not Bitcoin is going to stall out here into the retracement levels while I did enjoy a nice 200% rise there for Bitcoin of course all the buys that I have made

Down in here have been sold in here as I wait to see how Bitcoin is going to react into the retracement levels things I’m keeping my eyes on or to see if we start having these distribution structures start to form out in here this initial rejection that we’ve had in

Here is very similar to an initial rejection that we’ve had and then we go into a longer distribution if you recall also there was lots of euphoria in this moment as well so we’ll keep a close eye on it but if we add things like the altcoin market to see when these things

Really took off if we do see distribution really start to kick in a little bit more in here for Bitcoin at these levels that was really the phase where things really started to get taken off and going so just like in here where you set this new high you can see that

The altcoin market does shift up again however if there becomes a correction in here like this it was really that next leg into that next peak of distribution that really got the thing going retracement continues going right right now that still seems to be the most optimistic scenario that I can see on

Here right now of course everybody would love for it to just break out into new all-time highs and just get ripping and roaring I would not complain with that at all history would indicate that would be an absolutely insane moment for the altcoin market if that were to happen

However as we’ve shown many times in here anytime we have come off the lows for Bitcoin those retracement levels have offered serious problems in here so so long as we are still sitting at these retracement levels I am going to remain very cautious when it comes to actual

Bitcoin in here I do understand being a super mega bull posting a YouTube video with my mouth wide open saying new all-time highs would be the confirmation bias that that people would seek right now especially considering we were unwavering throughout all of this however this has always been the

Thoughts getting back into these levels this is where the concern is for Bitcoin in itself still keeping those eyes real close to see if we do do distribution and if distribution continues in here there are certain things that I’ll be looking for to confirm it and start really screaming that it is distribution

So long as a Black Swan doesn’t hit and we do just go straight on down but it is going to be watching that altcoin market and how it behaves in here from what we’re doing right now and to see how these reactions happen and what bitcoin’s price action starts looking

Like right here right now what we can see in this distribution was that the altcoin market did leave its range to back test it which would be something more of like this right which would not be anything impressive from where we are right now to just kind of doing that

Meanwhile if Bitcoin comes back in here during that time and then once Bitcoin starts moving this altcoin Market just starts rallying out of here that will be a Telltale sign but otherwise we do have optimistic things that have happened this morning over here in the altcoin market Bitcoin still it’s that concern

Because it’s there in those retracement levels but to see these altcoin market caps leaving those last retracement levels behind no matter which ones we look at and to even get total market cap of the entire Market poking above those levels all optimistic things the think we’re still just keeping our eyes on

Over here on this YouTube channel are these retracement levels and all the euphoria that is kicking in for Bitcoin while we’re back at them and it’s one of those behaviors that we discussed all throughout here is that there would become that retail Euphoria happening again for Bitcoin once we got back to

The retracement levels and I’ve had conversations with other people and it’s like if you if you even thought about going on to Twitter right now and saying hey I think Bitcoin could be topping out you would just get assaulted in half of a second for considering to do it which

Just shows that you know retail sentiment has totally shifted it’s gone fully long on bitcoin it’s not necessarily a bad thing when it comes to the remainder of the market it means that conviction is there risk taking is there wanting to get gains and yield is there and there’s just no worries right

The wall of worry is being ripped down so those are all positive elements but still just needing to be really mindful of distribution phases happening in here and how this altcoin Market reacts in there otherwise it’s really acting just like it should uh into that next phase of distribution happening for Bitcoin so

I get it this is not the video of me coming on here and saying Bitcoin in breakout hey look 50k I got to put that on my my thumbnail I guess Bitcoin 50k but just like at the lows right remaining calm and not being in stuck in that herd mentality of where everybody’s

Screaming that we’re going lower we’re going lower uh but kind of keeping that cool head in here to say you know hey are we are we just kind of doing one of these things happening in here and it’s it’s very possible that we are right this is not the straight line to the

Moon and it’s a more complicated scenario than people would think uh but we absolutely had just like this right back in 2021 sentiment was very similar but otherwise as for the market and how it’s behaving right now hey man can’t get mad at that can’t get mad at total

Getting into a new high can’t get mad at these retraces breaking out so things are looking good but don’t be surprised if we do actually see Corrections start to emerge here in Bitcoin and it just kind of keeps shuffling itself sideways in here because it did act very similar

To just that straight line up super exciting after pulling straight down in here taking out a new daily low in here it goes right back in distribution but this was the actual phase where when this moment was happening that altcoin market did go on and exceed and then it

Was the next two where the altcoin market really really ripped up throughout there so hopefully that’s the phase that we’re going into right now I’m not going to whine and complain if Bitcoin breaks out I’m just not going to uh be blindsided by where we’re at we’re

At the retracement levels you guys know it but I wanted to point out we’re seeing some really nice things start to happen here throughout the market in the altcoin market but I wanted to show the things that I’m seeing happening throughout the market right now in regards to altcoin Market getting out

Bitcoin getting out being mindful of this type of behavior in here and that even if there’s not some huge break that comes for the altcoin market right now but instead just kind of hovers like that it would actually be Beyond this point where things would get exciting after an ABC correction happening in

Here for Bitcoin afterwards so hopefully that’s the case that’s really kind of the most bullish case I can come up with right now outside of saying you know if it gets through all the retracement levels if Bitcoin gets through all the retracement levels buckle up maybe we’re

In for something absolutely nuts um but it’s not like my base case right now right this is the thing that I’m really watching for how we’re going to distribute at the retracement levels but welcome to $50,000 Bitcoin one year ago thought to never be possible that we

Could get back here right now thought that it could never stop here right but a nice sight to see over here for the altcoin market as we finally get some movement going on over here so I thought I’d checking with you guys it’s the beginning of the week give you my

Thoughts give you the things that I see how I’m looking at the market right now um and that I do see optimistic signs happening over here but taking it into the context of where we’re at and how I’m looking at all of it without looking at it through the spectrum of being like

Bitcoin’s going to rally and and shoot through the moon but how do you actually get that type of rally to happen there throughout the altcoin market without Bitcoin doing something like that right how do you get those altcoins to actually rally if Bitcoin is going to be stalling out here into the retracement

Levels and showing you how that has happened before this is the the lens that I’m looking at the market through right now if things change we’d address it at the time but otherwise these are all great structures for what we we’re looking for and great price Behavior to

Have for the start of our week so hip hiip hooray let’s go we are reaching the middle of the week so I will be publishing another newsletter over here on substack which is blockchain back. substack do.com as you guys should all know that stock market is very high in

The next one we’ll be looking at signals that were present throughout history that gave confirmation of a top coming in all eyes on it on whether or not this stock market is going to stop here where we were for the Roaring 20s for the 4.236 extension what it was that we saw

In the past that caused those things or at least gave the signals that the tops were happening in broader moves and that will be published later this week over here on substack so if you go subscribe over here you can check out all the past ones that we’ve done on developer

Activity user activity percentage draw Downs all back testing the differences between the 2017 Market Market versus the 2021 market and the things that mattered a lot of research and data has been provided in these along with audio recordings that I personally record where I’ll read them to you and go over

The charts and the graphics in there as well of course you can check out BCB backer.com over here for over 40 videos and over 11 hours of content from me teaching you how to set up your own charts and indicators within trading View and coin Trader Pro along with

Effective patterns woff accumulation and distribution Elliot wave theory the historical behavior of the market and a lot of other data that was important length developer activity why percentages matter tokenomics and the market cap crowd behavior and emotional management there’s also downloadable PDFs in here to supplement a lot of

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Watching right right now on a side note I will also be speaking at the xrp Gold Coast 2024 which is in Australia from March 22nd through 24th I went ahead and included a link to this as well in the description of the video to xrp Gold Coast

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