RIGHT ON SCHEDULE as the Bitcoin Price and Altcoin Market Hum Along Like 2021

RIGHT ON SCHEDULE as the Bitcoin Price and Altcoin Market Hum Along Like 2021

[Music]
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 talking about
the cycles of the cryptocurrency market
and where we are at right now in
relation to the Bitcoin price chart
which I have here up on the top of the
screen versus the Bitcoin price chart
from back in 2020 and 2021 if you’ve
been watching the videos you’ve
undoubtedly seen this corrective
structure that we’ve have in here very
similar to what we saw back in 2021 not
a whole lot has changed in here over the
last couple of days whether we’re just
finding some resistance happening in
here for now so not a tremendous amount
to say about the actual price action of
Bitcoin currently but there’s a lot to
say about the cryptocurrency market in
general and the altcoin market the
structures that we’ve printed the amount
of time that has elapsed since the peak
back in 2021 till now here in April of
2024 as most of you know it’s been very
concerning being back at that 702
Fibonacci retracement level there for
the altcoin market the last month and a
half to two months have been not your
typical pickme up and reassurance type
of blockchain backer it’s been much more
of a concerned style but once we got our
corrective structure to play out there
with an ABC correction things of course
have changed optimism Galore buying
during the times of craziness as we
pulled right back into a support level
after a massive liquidation throughout
the market but now recovering with a
very typical corrective structure trying
to go into recovery mode angle breaking
out now of course the big challenge we
have here is getting to the 702
retracement why would I be so concerned
about that here in 2024 well it’s
because I was here in 2020 and in 2021
and I remember this tweet incredibly
well it was very easy for me to go find
it because I remembered it it’s one
tweet that sticks in my memory from a
handful of tweets that I’ve done over
the years and it was that exact moment
where the altcoin market was getting
through the 702 retracement back in
20121 in which this tweet was posted
right here on January 24th of 2021 the
total altcoin market cap closes the week
green above the 702 Fibonacci
retracement level which of course a huge
milestone to see that happening there in
the market well because once that ended
up happening we went into the fun time
of the market afterwards once we were
able to exceed that retracement level so
knowing how often these things can be
the rejection level or the expansion
level it’s why we’ve been talking so
much over the last several weeks and
months about expansion lack of breadth
all those different elements to see if
we can get a true breakout and expansion
happening in the market which there were
things pointing to we weren’t really
ready for it but this post was there on
January 24th of 2021 once we finally got
through there you have a lot of people
saying oh the altcoin Market’s not doing
anything but January 24th is actually
right here it took Bitcoin getting all
the way up here hitting $41,000
$42,000 before we could ever even get
through this thing and we actually hit
it right here on January 10th that 702
Fibonacci retracement level which is
right over here for Bitcoin now looking
back on bitcoin’s price action here in
2024 there’s March 14th hey what do you
know there’s March 14th 702 we hit the
same retracement level at the same time
in the same structure and so you’ve
probably watched a lot of videos where
you’ve heard me say that price action is
very similar to for Bitcoin as if we’re
already in January of 2021 where I think
people are really looking at this Market
from the lens of we’re acting like what
we did when we were back at the all-time
high in 2017 or back at the alltime High
back here in 2020 and 21 but price
action in bitcoin price action in the
altcoin market onchain activity on chain
Behavior which we talked about and
showed last week all indicates we’re
actually much further along the altcoin
market is as if we’re right here onchain
activity profit taking whale movement
it’s all as if we’re right here already
and then ironically the price structure
is also incredibly similar and this is
also exactly where the altcoin market
hit the 702 Fibonacci retracements back
in 2020 and 2021 so when the market
talks about it or people on Twitter are
talking about it hey we’re just now
having the having it means we have a
whole another year a year and a half
well price action isn’t acting in that
manner like it’s like that and we
actually see other things too in here
and these things are actually optimistic
things like we’re looking at Bitcoin
here on this it’s like hey look if if
this thing continue to play out if we
are actually in a moment that is very
similar to January and February of 2021
it would indicate we’re like right
around the corner of the extreme
excitement happening in there if this
correction is actually playing out like
this it would indicate we’re right
around the corner of the extreme
excitement happening in there and I’ve
goofed off with this and and videos and
in live streams and I don’t know if it’s
going to play out like that but even if
you did and you moved at that velocity
and we printed some massive epic bubble
when does it conclude it concludes over
here in July that’s only 3 months away
is is there any way any possibility we
could only have 3 months left in this
market versus what block reward having
Theory and being back at all-time highs
suggests for your time which again
predicting time is a Fool’s Fool’s job
Fool’s errand I will get time wrong but
for the exercise of it rather than being
like hey block reward having happens it
means we have a year and a half what if
we really do only have three months left
what if we really do only have three
months left is there anything else that
would corroborate that besides just
looking at Bitcoin right in here and
being like hey that would indicate we
only have like three months left but the
thing to remember is that the last three
months are typically the wild and crazy
and exciting months they’re the months
you come here for you don’t come here
for the 10 months leading up to the last
three months you come here for literally
those three months this period right in
here right like this is Doge I don’t
think we’re going to see Doge repeat
itself again this is kind of like the
2017 xrp Doge May getting nothing more
than a retrace this time around and
other stuff maybe the showstopping
events but just to give you context of
it to say how much time have you spent
in here do you also align with all this
behavior that we’re talking about and
what we’re talking about with the
altcoin market getting back to the 702
retracement and it’s simple we can just
look at how much time has elapsed since
the peak of this thing came in and where
are you right now it’s like you’re there
at the end at that moment where enough
time has elapsed for the excitement to
come in this is how long we spent in
2018 2019 and 2020 before things took
off and it’s not just visible here on
Doge you could see it here on Litecoin
too this is how much time we spent in
here before this Market ended up moving
but we can even see it here in the
actual altcoin market caps with how much
time elapsed before things actually
ended up taking off and that we know the
true peak of this Market happens back
here in April and May of 20 21 for those
who have watched my presentation that I
did in Australia the dozens of videos
where we’ve proved it that the peak of
the market was during laser eyes Diamond
hands and Wall Street bets as 90% of our
Market peaked then and as I’ve shown
many many times over here on bitcoin’s
price action to show all the Peaks the
troughs the bottoms the breakouts
everything shows the peak of the market
happened back here in April and May of
2021 not only are we on time we’re at
the level we’re supposed to be at as we
were back then in 2021 we can even see
we’re almost at the exact same amount of
days by the time we had gone through the
sign of strength phase the breakout with
an ABC throwback into the bull flag with
an ABC throwback into the bull flag
we’re at 1,93 days here we are at 1,074
days maybe more 77 so TimeWise we’re
there and we can see that throughout the
market now one thing we’ve spent a lot
of time talking about has been the
United States stock market the
correlation between the stock market and
the cryptocurrency market if we’re able
to find our footing here pretty soon
like over here in the NASDAQ 100
technology sector well what’s something
we could hopefully be looking for one
final push up in here it’s like the last
song has been played by The Band Here
Comes The Encore everybody thinks we’re
going to continue going but really the
end of the show actually happens right
here after a couple of songs so is there
enough time in there for something like
that similarly to play out in here sure
it seems like it but a thing to look for
moving forward if we do end up getting
something crazy like that is just how
those tops have historically come in
there’s a lot of work for us still to be
able to get to that moment first of all
you probably need to see Bitcoin be able
to move up we need to see the altcoin
market be able to get its breakout we
have to see the escape from the 702
Fibonacci retracement level like we did
back there in 2021 but at the end of
2017 and early 2018 there in 2021 we had
some similar markers that showed up in
the crypto Market that we would be
looking for we talk about a lot of these
things all the time that if this Market
goes into full-blown expansion the
things that have marked big big concerns
of the end at least in the last two big
moments in crypto which was 2017 and 18
and 2021 was if that altcoin market can
still continue higher while Bitcoin is
in nothing but a retrace that additional
extension of the altcoin market into a
retrace is a bad sign we saw that in
2018 and then we also saw that over here
in
2021 where the altcoin market did
another leg higher of euphoria and
excitement and crazy while Bitcoin was
in nothing but a retracement in here so
we’ll need to watch out for that at
least I will be here on the YouTube
channel as of right now there is no
evidence of such thing for example if
Bitcoin was approaching back to this
retracement level right here but the
altcoin market was actually like this
while Bitcoin was only right here that
would be the major concern because the
altcoin market was continuing on while
we were doing nothing but a retracement
it’ be ultimate scary worry time that’s
what we had happen in here as we
continued on and that’s what we had
happen in here as we continued on so no
signs of that just yet but if that ever
shows up we’ll be watching for it with a
hawk here otherwise we still just
continue waiting on for this thing to
play itself out I wanted to give you
examples and you how the market is
actually behaving very similarly to 2021
in regards to getting back to its
retracement levels pulling back from the
retracement levels and that we’re
actually really right where we were at
the exact time of January and February
of 2021 gives you kind of a little bit
more context when we talk about that and
say that and say Hey you know bitcoin’s
price action is actually acting like
it’s much further along than most people
suspect being just now the block reward
having has happened and being at the
all-time high when we’re drawing those
conclusions from 17 or from 2021
thinking hey there’s still a whole lot
more to go I just wanted to give you
those examples of the entire Market to
show you where the market was at this
particular time how the price action is
playing out and we’re actually acting
like Bitcoins way further along than
that so I hope you found this
interesting and educational hopefully we
get a big fat recovery coming out of
here pretty soon and hopefully we can go
stab back at those retracement levels
again and kick off excitement like we
did once before and fingers crossed
we’re right there right on on the brink
of the excitement kicking in for this
market and a good time ahead so we’ll
keep our eyes on it every day and we’ll
check in on here still looks like this
thing is just waddling but I wanted to
show you how this is very similar to
what we’ve seen before but all right
that’s going to be it for this one guys
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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.

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