MARKETS in the MORNING, 4/29/2024, Bitcoin $62,500, Market Finding Footing, DXY 105, Gold $2,330

MARKETS in the MORNING, 4/29/2024, Bitcoin $62,500, Market Finding Footing, DXY 105, Gold $2,330

here we go here we go here we go here we
go it is markets in the morning let’s
[Music]
go
hey what’s going on everybody this is
the blockchain backer bringing you the
latest cryptocurrency news and
Analysis well welcome to markets in the
morning today is Monday April 29th 2024
this is markets in the morning where we
take a look at the price action of the
cryptocurrency market including the
Bitcoin price chart along with the
altcoin market we take a peak over there
at the United State stock market which
is set to open up here in the next one
minute along with precious metals like
gold in the US dollar currency index or
the dxy which is had some volatility
this morning we of course will take a
peek over there at any type of financial
news to kick off our day and any type of
crypto news to start off the day hope
you guys are having a good start to your
week and you had a nice weekend it’ll be
a short week for me over here on the
YouTube channel it’ll just be today and
tomorrow and then uh I’ll be off
Wednesday Thursday and Friday I hope you
guys are doing
well I see naggie Day saying the pain is
real the slow bleed uh I think I think I
tweeted about this I I don’t remember
what day I tweeted about it but it had
said that uh
you know sentiment is going to get
destroyed here they’ll take strip the
dopamine right and that’s what’s
happened in here but things are looking
okay I’ve actually already recorded a
whole YouTube video it’s about 20
minutes long it’ll be released shortly
after markets in the morning is done
within an hour after markets in the
morning is complete uh tomorrow I’m
pretty excited because tomorrow we’re
going to have the next newsletter
released in there it’s a collaboration
with txmc we’ve been working on this one
for weeks uh going through all the
different sectors of the crypto Market
to see which sectors have been hot and
which coins are in those sectors and
comparing them versus the whole Market
uh that’s an exciting one that will be
released tomorrow so if you’re not
subscribed to the newsletter please
check it out blockchain backer.com you
get access to all the past ones and of
course the one that will be released
tomorrow that one’s a doozy that was a
it’s been a fun one to do um but as for
crypto of course we’ve just been kind of
stuck right here throughout the weekend
pretty uneventful weekend had a pop and
drop uh and really it’s just kind of the
things we’ve been looking for here in
for Bitcoin for it just kind of continue
waddling along in here here so nothing
really has changed if you’re not if
you’re wondering why this dotted line is
here and this dotted line is here this
is the uh the correction before the
final rally for Bitcoin back in 2021
this is also where the altcoin market
hit its retracement level this one right
here back here in 20124 uh story was the
exact same where the altcoin market goes
up and hits its retracement level right
there as Bitcoin does the exact same
thing so in today’s video we’re going to
have uh showing Unchained metrics we’re
going to show all kinds of stuff
uh to show the similarities again that
it seems that Bitcoin and the crypto
Market is actually much further along
than people think the idea of a
four-year cycle continuing from here and
there’s still being another like year
and a half left or the idea that the
block reward having signals that we
still have another year and a half left
uh that’s not what everything shows us
it shows us that we’re actually if if
the top isn’t already in right that
there’s really like three to four months
left and if if at least based on what
happened in 2021 and what happened in
2017 there was only 3 to four months
left of the market but it was the those
those time periods of 2017 to 2021 were
the most exciting times at least that’s
what our onchain signatures are showing
us and so we’re going to we’re going to
talk about that into today today’s video
um so things still just continue to
creep on over here for Bitcoin the
altcoin market doing really as expected
in here it’s got that little drop
happening in here so now we’re looking
for some support to start to show up in
here and hopefully get the most exciting
time that we all wait for as we go
through bearish periods for so long uh
we wait for that really exciting moment
to show up so now we’re looking to make
sure we can find some supports happening
in here uh and for these levels to
actually end up holding as we’re now
down in here so we are there we’re there
man uh looking over there at xrp xrp
still continues to hold looking stronger
than some some assets have looked weaker
than others things like Aptos and things
like arbitrum have looked a little
weaker than other things like xrp still
holding up in here ethereum’s been
holding up nicely as well uh but there’s
been a couple of them that have shown
some weakness in there compared to the
rest uh but otherwise things are looking
really just fine in here uh ethereum
again had that popped to go above that
high that was set back there on
Wednesday now back in here now we’re
looking for supports to actually show up
in here for ethereum this would be
actually an ideal place for support to
show up for ethereum right now so things
are okay things are still continuing to
drift again I think this is just all
accumulation that’s happening in here
big warning signs that would show up in
the market would be if there was
actually a breakdown here below uh those
lows that were set back there on
Thursday April 18th so uh TR or was that
Friday uh it’s Friday so I’m trying to
think what was the narrative that was
happening
then is it this
one right in the middle of the night
there was the you know International War
stuff happening in there and that’s what
that so uh not taking out those lows
right in there is really the the ideal
place to say things are still completely
fine you know pulling back in here it’s
what we should it’s you know what we
should have uh but not going any lower
than that those levels there so
otherwise crypto is still just humming
along just fine and I think it’s I think
it’s in accumulation so there we go
things are looking fine um the things uh
we can look forward to we look over here
to the United States stock market so the
stock market is actually up today
usually I talk about that in the intro
Tesla’s having a big big day I think
today Tesla’s up 11% today let’s go and
sort those all right Tesla up 11% Apple
almost three Arc 2 and a half Amazon’s
up over one Roblox and GE GE Aerospace
up over one uh losers this morning are
coinbase Google and meta uh yields down
indexes all up you got the NASDAQ up 91
points uh you got the S&P up 21 points
the Dow up 115 and the R2 y up 13 so up
about half a percent for most index and
a quarter percent over there for the Dow
Jones Industrial Average you do have
gold slightly down and silver slightly
down to flat so down 05% while you do
have copper up and you do have Platinum
up this morning the dxy has been a
little bit of a washing machine over
here with the bank of Japan uh the Yen
has been all over the place this morning
uh getting as high as was it 161 or
something like that everybody over there
on Twitter screaming about about what’s
happening over there and then boom it
just fully pulled back and then now it
looks like everything’s starting to
settle once again so we just kind of
keep playing around that historical
danger level over there for the United
States dollar currency Index right back
and forth like a washing machine in
there uh but still waiting on it at this
point so uh gold I I think the the most
optimistic thing has just been that gold
has been chilling out in here we’ve
talked all about this before when you
look at any type of beer moves huming a
crypto or in in equity markets whatnot
or expansions that end up happening in
crypto they occur during periods where
gold is getting hammered this whole
breakout in here of course fired off the
warning signals and alarm signals for me
there in March and the earlier half of
April things have been chilling out
there for gold
so hopefully hopefully that thing starts
to pull back a little bit in there that
is what happened back in 2020 and 2021
and during 2017 and during 2013’s bow
runs is that we had gold ending up
falling so gold has still just been hum
uh just hovering there uh after those
extreme highs that were set there uh
just a couple of weeks ago otherwise
that’s really all that’s going on in
markets today we’re still just kind of
drifting in here not a lot happening
over there in the stock market right now
we have that the FED meeting coming up
on Wednesday where the fed’s going to
announce their interest rate decision
it’s anticipated with a 97% probability
that the FED will remain paused at that
meeting only a 2.7% probability that it
will cut uh for the last like two years
whatever this number is or whatever
these this thing is leaning on by the
time we get to the FED meeting that has
been what the decision ends up being for
the Fed so having the expectations of
that uh you know when we’ve had rate
Cuts happen in the past they typically
don’t happen during an actual meeting
they tend to happen during
some everything is fine uh we’re not you
know we’re going to do an emergency rate
cup or we’re only doing it because
everything is fine it’s typically how it
ends up happening in there uh so like I
I’ve talked about this uh a little bit
last week uh that like if you if you
used your example of like what happened
before the great financial crisis really
we did exactly this before the great
financial crisis and the market did
something like this and then it popped
up and then that was it and then we went
into the great financial crisis is how
things played out we were also in a
pause period as well where the the
federal uh funds rate was uh we had gone
through a hiking cycle and we were
paused really going look right
back over here right so you can see this
is how it was right and then you know we
ended up having this dip and this is
right here in the middle of August where
the FED comes out and does their
emergency rate cut right so we have the
breakout into the high everything
happens and then the bigger fall comes
in right and then it bounces and it’s
kind of like that’s where we’re at right
now like in that bounce then a bigger
flush ended up coming out into the
United States stock market and this is
where the FED does the emergency rate
cut so they actually had a meeting one
week prior to their rate cut in which
they kept the interest rates paused the
the cut didn’t actually come to a one
week later not in the middle of a
meeting it was really in an event kind
of like that I’m not say like obviously
I don’t have anything in here indicating
to me that they’re going to end up doing
that but if you’re wanting to say hey
how did it play out that time that’s how
it ended up playing out it wasn’t during
a meeting they were paused during the
meeting it was a week after the meeting
they came out and were like oh hey
we had to do something and then in
202 uh something showed up in the
overnight lending Market uh where you
know the ver the
the not the reverse repo but just the
repo lending Market they you know Banks
weren’t lending each other money
something showed up they had to
intervene in there they were doing cuts
um all here in September and they were
calling it not QE they were like ah it’s
nothing and so you know just kind of
keeping it in mind of how it’s gone in
the past I know this big narrative has
come out that they’re going to do these
bullish Cuts because it’s just meme
culture it’s crypto meme culture to be
like you know if they’re cutting that
means that everything is great and dandy
and super wonderful it’s not typically
the case it’s typically after they’ve
already cut after markets have collapsed
and credit conditions are completely
Loosey Goosey uh that’s when things have
been positive but not during the cuts so
we’re still in that environment just
kind of waiting to see how that’s going
to end up going um but you know when it
comes to this kind of stuff and uh we’re
going to look at we’re going to look at
the other side of the coin look at it
from like an onchain perspective and
price structure perspective um that you
know I think I just we’re just way
further in this market cycle Than People
anticipate uh thinking that there’s
probably a year and a half to two years
or people thinking there’s a year and a
half left in this thing that um I think
we’ll be lucky to get if there’s four
months I think we’ll be lucky if there’s
four months but hopefully it’s the most
exciting four months uh that we could
ask for in here to end up getting so
uh I I don’t know where I’m going with
that with rates but just in the end it’s
expected that they’re going to be paused
typically we do live stream them uh
ironically I was in Australia for the
last one so we weren’t able to live
stream it and then I’ll be out and we
won’t be able to live stream this one
either so we will be able to resume them
during the June 12th meeting so J
Wednesday June 12th be here as we watch
Jerome Powell deliver his remarks so uh
either way I I think the things people
are looking for when it comes to this
meeting just give you kind of a heads up
it’s uh you know employment and um of
course inflation and how the FED feels
about inflation um and the numbers that
are being printed like we’ve talked
about it seems like the FED has pretty
much backed themselves into a Checkmate
corner at this point a lot of businesses
are relying on being able to refinance
especially a lot of small mediumsized
businesses they can’t do it at this
point and they’re strapped for interest
rates to be able to come down they’re
all just barely staying afloat and I
think we actually see that when we look
at things like the rty the Russell 2000
showing those midcap stuff didn’t I was
reading an article yesterday about just
small businesses like not even not even
midcap stuff like just small businesses
which account for about 60 million jobs
in the United States um how they’re all
just like like 40% of them or something
not making
their um rent payments on time or
something crazy like what so businesses
is kind of being strapped at this point
needing those rate Cuts so either way
that’ll be on Wednesday unfortunately
we’ll miss it so we’ll just have to be
kind of watching it over there on
Twitter but otherwise things humming
along over here in crypto humming along
over here um nothing changed really
throughout the weekend throughout the
whole market now the big thing is just
seeing how the stock if the stock
market’s got one more flush to happen in
here so we’ll just keep kind of chilling
on it with the dxy 105 gold at 2326 nice
to see this coming down and that’s
really that’s really what we got going
on so the the ranging continues but keep
an eye on today’s video uh if you’re if
you’re feeling like a person earlier who
said the pain is
real it’s not really even pain it’s it’s
a dopamine strip that ended up happening
which we talked about right one thing we
always talked about is once we get back
here you’d see extreme risk taping
taking irrational
exuberance um and expectations that we
just kind of keep going at that velocity
and then the Easy Money stops and you
know there was somebody who tweeted
something the other day i’ showed at
txmc he ended up retweeting it let me go
find it because it’s uh it’s true and it
was something I had to think about
pretty in
depth on
why you know I I spent March and April
really just kind of being
like worried right stressed with us
being back here and just you know really
posting you know not being that that
bullish blockchain backer that people
want right uh which now it’s converting
right now we’re going back to saying hey
can we find some supports here can we
get this thing going like we’re all
we’re all back to normal now trying to
find that as long as this thing doesn’t
break as long as this doesn’t break
we’re just we’re trying to find this
we’re trying to be back to that but up
in here we’re all scared right um and
why people didn’t like that right and it
had to be put into this perspective for
me um to understand that and it’s a
weird position and know you’re probably
thinking what are you talking about I’m
going to put it on the screen here this
write up this guy
did right here so I’ll just read that to
you real quick I thought this was really
good and why people wanted to payt uh to
portray me as the enemy and I get it I
get it when I read this uh it’s just
read it it’s funny how the timeline
feels more upset when we fail to break
out compared to an actual bare Market
despite every coin being material or
higher than it was a year ago I’ll tell
you why though pretty much everyone
speculating in crypto is in it for one
reason money and there’s no other asset
class that offers such exponential
returns such that you can literally
change your entire life the thing is the
point we’re at now lots of people are up
big but maybe not big enough everyone
probably has some ambition to change
their life from a monetary angle quit
your day job buy a house help family buy
an expensive car or whatever it is I’d
say being able to quit your job is the
most meaningful one that resonates with
people the most so the thing is in a
bare Market that dream feels far away
and you’re like whatever but in this
market that dream gets monumentally
monumentally closer and you’re perhaps
just a two to 3x away from it now maybe
more and you just desperately want it to
get there because if it crumbles now you
got to wait a whole another cycle to be
able to take that shot again so yeah
it’s easy to say things like people are
dumb for being UPS up now when Bitcoin
is above 60k after it was below 30k for
a whole year but that’s not really the
point is it the point is you’re so close
to breaking into a certain level of
Financial Freedom Target that you set
for yourself that you don’t want that
dream to come to an
end and you know I think when we talk
about these things that’s what is really
H that’s what really happened and that’s
why you get painted as a bad guy because
people are thinking I’m really close
right like the dream is so close all it
takes is one big moonshot and I’m really
close and you’re the jerk saying it’s
not going to happen and I I never really
thought of it in that way uh whenever
you talk about it like it has to be
talked about there’s no way not to do it
and but it has you know made me think in
a different terms on maybe the way I’m
communicating it and I’m not sure how to
do that differently um
you know but it was it was a good
thought and that’s the mentality people
are going through they you can taste it
right like you can taste where it is and
then if you’re um if you’re not and then
it just feels like someone’s stripping
it away from you so I don’t know I
thought that was deep and I’m not sure
why I’m sharing it with you it was
something I read over the weekend and I
was like
oh that’s how people were
feeling that’s what was going on in
their heads and uh
yeah okay I don’t know just thought I’d
share that if you were like I don’t know
I don’t know why I’m sharing it but I am
there you go all right so there you go
Bitcoin just just under $62,000 as we
kick off Monday morning stock market
still up slightly over here up about a
half a percent on the rty NASDAQ back to
almost even S&P still up about a quarter
and the Dow is up a quarter and there
Tesla’s leading the way there with up
12% along with and Arc and then you got
coinbase Google and meta all down this
morning let’s head on over to the news
now after I’ve rambled for 20 minutes
and then just read you guys a
tweet all right stock market there you
go Tesla jumps 12% in pre-market trading
after passing key hurdle to roll out
full self-driving in China musk makes
surprise visit to Beijing as Tesla’s
China made cars pass data security rules
stock futures climb following S&P 500’s
best week since November
Sherry Redstone is playing m and War
Games with removal of Paramount CEO Bob
bakish okay Amazon says more packages
are arriving in a day or less after
Hefty investment in Speedy
fulfillment here are Monday’s biggest
analyst calls Oracle boosts its
generative AI capabilities as Cloud
competition heats up with Philip shares
rocket 46% as firm Settles us
respiratory device case all right on to
crypto nothing nothing big going on in
financial news outside of the bank of
Japan and the the Yen going all kinds of
wacky wildness and then Tesla is doing
well Bitcoin and ethereum nurse losses
as us stagflation fears grip the
market the crypto Market is balancing
the threat of stagflation against a
potential liquidity injection from the
treasury general account and the launch
of Hong Kong’s
Bitcoin huh
okay we love narratives don’t we
okay here’s how EU nations are preparing
to enforce
Mika all right crypto banking firm BCB
group secures digital asset and
electronic money license in France CZ
sentencing letters paint former binance
CEOs devoted family man and friend
Bitcoin trades at slight premium and Yen
terms amid suspected boj
intervention uh you know I think
everybody’s saying the bank of Japan
intervene but you know the hard reality
is when you see everybody tweeting about
something what typically ends up being
being to happen uh um ends up happening
it marks the top and like you know we
got to the top of a range uh you know
we’re just up here in in ranging area
like this is the highest levels right I
mean it could totally have resistance
right there intervention we all longed
it at the same time manipulation um
maybe you just you longed the freaking
top how about that
Ian everybody’s got we all need
narratives I everybody suspects the bank
of Japan intervened or it was just
extremely uh over overheated you know
one way or the other okay all right calm
down BB all right coin Telegraph here we
go AI hit with privacy complaint in
Austria with potential EU law breach
worst month since 2022 bar Market five
things to know in Bitcoin this week
woman accused of $6 billion scam China
loophole for Hong Kong Bitcoin ETFs Asia
Express crypto Traders sees best alt
season since 2017 as bitcoin price cools
doj’s tornado cash argument shows
obvious disdain for private
privacy come on
privacy come on crypto people what is
wrong with all of
you why do you not want privacy why are
you not cool with it I don’t get it
y’all you guys crazy all right crypto
Traders se’s best Al oh wait you just
did that one okay since
2017 okay um solo Bitcoin minor wins the
3.125 Bitcoin Lottery solving a valid oh
solo Bitcoin minor wins the 3.125
Bitcoin Lottery solving valid block
rather than being a part of a pool one
dude in this
closet got it doj’s tornado cash
argument show obvious disdain for
privacy you guys have the same stories
here in your hot stories as your
editor’s choice all right Sam alman’s
open AI reportedly in Partnership talks
with his other firm
worldcoin there you have it no news make
up stories for bitcoin’s Price
action and it is what it is it is what
it is but there you have
it come
on come on there we go I don’t know why
that
moved there you go all right so there
you go we just kind of continue humming
on along here here as we get our week
kicked off we’ll be looking now we’re
starting to look for supports to try to
start coming in in here uh and for
things to start settling down and and a
little bit of a reversal in here the
most optimistic thing would just be to
see things eventually roll their way up
let’s go take out that high and then
we’ll probably settle back down but that
would be our first good sign to see
things happening in here again no breaks
of that low down there on Friday April
19th uh this would be the most ideal
thing and um I’m optimistic that we’ll
get it so we’re still just in the
waiting thing uh but uh looking for the
first sign if we get that first
sign man oh man Brad Garling house can
you be right
sir five trillion this year let’s
go okay anything else to cover in here I
think we’ve got it all Bitcoin still
just settling on along uh looking for
supports to come in here for the altcoin
market this looking fine looking
fine obviously you need to get back up
and uh dxy back below 106 after being
over 106 throughout the weekend gold at
2333 no big news out there just Tesla
volatility over there and then then the
Yen then otherwise we’re kicking off our
week just kind of uh plain boring oh
it’s earnings week right so we’re going
to get a lot of uh big names and
earnings this
week
um like apple and all and lots of big
Nam so we’ve been kneee in in earning
season but I think the uh the hottest
week of earnings is this week so we’ll
see pre-market stuff and we’ll see uh
postmarket stuff all week this week and
I think the biggest days of course they
going to be like Tuesday Thursday and
Friday so might see some volatility or
your F some of you might see some of the
stuff have big moves like you see over
there in Tesla and you’ll see some
things have big drops and you’ll see all
that kind of stuff because it is
earnings week so okay there you go there
you have it so again today we are uh
this week we are just today and we are
just tomorrow here on the channel uh
there will be a video released about an
hour after markets in the morning is
done today and again the next iteration
of the newsletter will be released
tomorrow excited about this one because
that one’s going to
have uh a couple of weeks have been
spent doing this going through the
different sectors of the market to
figure out you know we’ve talked a lot
about development activity talked a lot
about user activity levels and how those
things are important we’ve compared that
to P the past we’ve compared that to the
top 20 by market cap versus the top 20
by development activity user activity
levels where total value is getting
locked nft activity is happening at all
those different things we’ve done a lot
of that right but then you also have
those other aspects of of markets where
uh it a sector and a narrative can be
the thing that is going crazy right meme
coins for example right or AI right so
we’ll have just sectors that end up
doing things on their own so we’ve gone
through the sectors and figured out what
has been the performance of each sector
in like which ones have been the really
hot ones and which ones have those coins
in them so uh excited to have that
release tomorrow tomor so if you check
out the newsletter here on blockchain
backer.com you get of course access to
all the past ones and then the one that
gets released tomorrow so all right
there we go on that note that’ll
conclude the info for this morning I
don’t think there’s really anything else
to talk about except we’re just looking
to see some supports come in here uh and
not to take out the lows that were set
back there on April
19th till then we just keep on humming
waiting for things to turn their way
around otherwise I’m hopping into the
chat guys and then keep your eyes out
for an hour after the markets in the
morning when the video gets released but
all right Marco the xrp maniac had
gifted a BCB membership before the
stream even started uh Marco thank you
very much and then xrp bullish gifted
five I saw you guys going wild like oh
my gosh uh so you guys do a good job
thanking when that happens that’s cool
to see uh so xrp is thank you for
gifting five and then right after that
follow the Fiat before the stream even
started it gifted five as well you guys
were on fire uh thank you very very very
much uh arm day hey what’s up BCB have
you deployed more capital in ethereum in
the past week thought on its currents
moves or if it’s going to break down
from 2,800 but no cuz I got it all in at
the lows
um
but uh you know I and I may deploy more
but like if I if I deployed right here
my stop would actually be right there uh
if on this particular level uh here with
stop there so 3125 with stop at 3070 for
that idea cuz I would think this should
hold in the event of that entry
um so I’m not afraid to I’m not afraid
to take that trade I just haven’t had
time because it’s busy morning if you
don’t know this the end of the month is
always incredibly busy for me so I
haven’t had time to focus on my own uh
entries right now here in these last
couple of days but uh yeah I’d have no
problem entering there stopping there um
but no I haven’t made an entry in the
last couple of
days because my entries did get in down
here
XR priest says Hey BCB can you cook me a
well done steak well first of all thank
you very much for the Super Chat uh as
for your well done stake I’m going to
have to politely yet firmly ask you to
leave Denny poll $5 trillion doll market
cap in 2024 yes or no uh Brad
garlinghouse says yes we’ll we’ll end up
seeing if that ends up becoming true
skeleton yo BCB would love to learn more
about automatic Market maker you down to
school us on it uh I don’t know if I’m
like the best to school you on automatic
market makers there are technical guys
out there who can school you more on
it uh we talked about it last week it’s
really not that hard to do you could
check out xpm
market.com um they they have it on
there life of Shane says happy new week
BCB how how are your head puts how are
the Hedge puts doing oh they’re they’re
lit up and
[Laughter]
wrecked cuz Market go
up JB heavy equipment Services remember
for 11 months uh Oscar time to sell your
bag so we can moon thanks again bcv for
always being there and did I say bcv uh
bcb for always being there and helping
us stay on track much love JB thank you
very much man 11
months um
yeah where is Oscar I haven’t seen Oscar
in here in a little while is he there he
you know what he always does he sits
here he watches and then he waits to the
very last minute of the stream to make
himself present that’s what he always
ends up doing so okay there we go we got
through the chat pretty quick today guys
we got quite a few in here we got 2400
people in here with 600 likes if you
guys could hit the like button it is the
number one way to support the channel I
always appreciate it um as for crypto uh
we’re just waiting to see if we’re going
to end end up holding in here which
things seem okay so far and right on
expectations we talked about last week
whether it would be a minute a day or a
week well here we are we’re three days
later we’re kind of drifting into it now
waiting for the supports to start
showing up in here so things look okay
and uh you you’ll see what I’m talking
about when we if you watch today’s video
so uh I think it’s a good one um and
also um I think it just puts into
perspective of where we truly are in
this market market right
now
um that you know this this has the
potential to be the big Grand Finale I
and if you don’t
know that is why you are
here you are here for the big Grand
Finale which is something like that I
mean these things only last three to
four months that’s the big Grand Finale
um and the onchain signatures of the
market are very similar to something
like that so it’s definitely worth worth
the watch today if you need a a little
bit of perception and it’s
not not the having it’s
not I don’t know why I don’t know why I
have to fight that so much but I do okay
there you go all right guys I hope you
all we’re GNA keep it uh we’re GNA keep
it really too brief this is cool we get
through it pretty quick so that way I
can um I can release the Youtube video
um and then the newsletter is done I
just have to do the audio voice
recording on it so it can be released
tomorrow morning and they’ll give me
time to do that and then we’ll get ready
for uh to kick it off
tomorrow and then um have a great
week JB estr says dang is it
[Laughter]
over hopefully not hopefully it’s not
all
over so there you go all right here we
go quick markets in the morning today uh
thank you all so so much for tuning in
um we’ll be keeping our eyes out for
this and hopefully hopefully when we
come back
tomorrow uh we’ll have found some type
of support or even a bigger one um at
least at least hopefully before I’m off
by Wednesday hopefully before I’m off by
Wednesday we at least get something
along the lines of something like that
there may still be another little flush
that happens in here but hopefully the
recovery gets going before we before I
head out of here on
Wednesday okay all right there we go
that’s it that’s it check out bcb
backer.com for 40 plus videos and 11
hours of
content uh teaching you how to set up
your own charts and indicators of course
check out over here the the newsletter
that’s the big one that’s being released
tomorrow uh James uh Egan LOF says if XP
only retraces where does that land us so
it depends on what range we’re looking
at so if you’re looking at uh the range
since the last rally
right it lands you somewhere in the
dollar3 to1 60 area if you’re looking at
this larger
range uh it lands
you closer to
$2.30 the reason why I don’t think that
is is that the market cap actually
already did that right so that was that
right so we showed that on we’ve shown
that on bitcoin we’ve shown that on uh
retraces many times uh that we you know
crash retrace reaccumulation that ends
up happening in there and that we’ve
actually already gotten there based on
the market
cap um but yeah if you were just going
to retrace this one particular range
right in here uh what what did we say
that was a $130 to a160 something like
that me you company says please don’t go
well you know it’s real and here’s the
thing too I haven’t packed anything I
haven’t packed a dang
thing and I haven’t run any of my
errands too so it gives me gives me an
excuse to get it done and the fact that
I’ve already got my video done it’s like
yes Caesar Miranda says do you think
silver has a good future ahead so I you
know I kind of keep it all in
perspective too like with gold and and
everything like that and with equity
confluences and stuff like that
will gold likely back test that area I
would think so I would think eventually
it would uh even if it ends up you know
something like this and then it
eventually comes back and back tests
that level I would think that it would I
think it would end up happening
um which means silver would probably
pull down with that that too but like if
your question is like when I think of
does silver have a good future I think
of that does it have a full-blown bull
run where it goes and takes out its
previous alltime High high like from way
back in the day right where are you
silver all
right the thing that would likely have
to happen is one true expansion
happening over there for gold right so
will it happen prior to a pullback
happening in gold or not don’t know so
like I I’m not I am in a belief and I
think we all know this that I am in a
belief that the equity markets are not
going to go much higher um I I think uh
we are reaching the very peak of the
equity markets and that the future of
the next decade looks a little bit Bleak
when it comes to the equity markets and
so of course that scares me about crypto
at the same time due to those
correlations that have happened between
their
um the thing that we have seen is
inverse relationships between gold and
between the equity markets when it comes
to one being in a bull market and the
other one being in a bare market right
and it’s no surprise to see that as gold
breaks out what happens the equity
markets pull back right and so I have a
uh bias that the equity markets don’t
have the best looking future ahead of
them for the next decade or five years
whatever we want to call it
um and we do know that there’s an
inverse relationship between gold and
between the equity markets what we don’t
know and what we don’t have the
historical precedent to know of is what
happened during something like the Great
Depression where the equity markets fell
80% right we don’t because gold was a
fixed price it was $20 an ounce like
$20.57 an ounce in the 1920s and 30s
until They seized all the gold and then
repriced it to like
36
um but if it remained true that during a
bare market for equities gold continued
to Rampage higher well I think silver
would Rampage along with it and silver
being like the altcoin to gold right
gold being Bitcoin silver being an
altcoin and I think silver would Rampage
with it we create all these narratives
to say you know oh well you know
Silver’s used in batteries and it’s used
in electric cars and it’s used in all
these you know man all this
manufacturing stuff and I get that I get
that
but I still think it’s kind of the same
play I think you know one is one is
literal gold and the other one’s kind of
like an an altcoin a little bit and you
know one of you know a small piece of
gold is incredibly expensive and for a
lot of people just holding pieces of
silver is a whole lot easier and I get
both I have both and I you know due to
my bias of the Equity markets topping
um within the next year um I have a bias
that the inverse relationship of gold
will take place and the inverse
relationship of gold will pull silver
along with it so I’m bullish on Silver
um long
term so do I think it has a good future
based on historical performance of an
inverse relationship between Golden
Equity markets and the correlated
relationship between
expansions and gold and silver tying
along yes I do think
so XP Market member for 13 months says
Hey BCB in these times when the market
feels like a tough puzzle your insights
are the places that help us see the
bigger picture here’s the bulls making a
swift return Thanks so much 702 crew
yeah love thank you very much xp market
right and that’s the thing to think
about right now is uh the differences in
this market we have right now we have a
lot of similarities right so like when
it comes to price action when it comes
to the altcoin market behavior when it
comes to onchain activity we actually do
have a lot of things that are very
similar to the past but the things that
uh are very similar would indicate we
significantly further along in the cycle
than people think that it’s like we’re
right here right that it’s like we’re
this far into the cycle at this point uh
where we’re already here and we’re super
deep into this thing already th that’s
the things that are flashing right
now um the things that are very
different uh is obviously the price
isn’t that high right so like when this
signal flashed for Bitcoin in
2017 the price of Bitcoin was already
like three to four times its previous
all-time high um when this signal
flashed in 2021 the price of Bitcoin was
two times its previous alltime high now
this signal is flashing and we’re at the
previous all-time high and so what’s
happening is a lot of people are drawing
um from the past when it comes to here’s
what happened each time Bitcoin got back
to its all-time
high but the problem is we are acting
like we’re way past it uh the P the
onchain metrics the technical indicators
are like we’re so much further past the
all-time high even though we’re only at
the all-time high um and then you know
you mix and all those other elements
that happen out there uh when you see
those true expansions of markets
happening where the rty or the Russell
um and the Dow Jones are going together
and Bitcoin goes at the same time and
how all those things aren’t the same
right so we have these like mixed like
there are things that are similar but
things that are very different and it
we’re having to really navigate this
without being able to make these
extremely simple comparisons right now
like if
if the stock market if the Dow Jones
wasn’t at its 4.236 extension and if the
NASDAQ wasn’t at its 4.236 extension and
if the Russell 2000 was breaking out
with those Equity indexes we would just
be sitting here saying hey look this is
just like 2013 2017 and
2021 but the problem is all of them are
different they’re all different whereas
during the last three Cycles all of them
were the same but this time it’s not and
so what do we always do we draw on the
narrative we say whatat is the narrative
well we just got through the Happ right
oh Bitcoin ETFs right but every time at
every Peak because I’ve been through a
couple of them already there’s always a
narrative there’s always a reason
there’s always a justification there’s
always something and uh we just are
having
to uh be a little more creative than
sitting here saying here’s what happens
when you have a year and a half left
after the happing or here’s what happens
when we get back to the all-time high
that is the easiest comparisons we can
all make anybody in their Grandma can do
it but we have to dig deeper because
it’s not like that and that’s what I’m
trying to show here on the channel is
that things are not like that and
especially not when you have an elevated
fed funds rate like it’s different so
we’re just na we’re having to navigate
it to the best of our abilities that we
can but fortunately there are some
things to be uh you
know there are some things to have an
optimistic look for but to keep it in
mind that you know even if they
are even if those things are true and
there is an optimistic time ahead and
there is a Euphoria time ahead
okay each time we were like this and if
it does go if Bitcoin does go
up right and if the altcoin market does
go up
right that we will you’ll have to kind
of reflect back on a a minute ago of
what you were feeling like in March and
April and how euphoric you maybe were
and how you thought there was no chance
we were going to pull
down and to remember you’ll feel like
that
again that that that feeling will return
and then every piece of content out
there will be tailored towards telling
we’re going up
forever um but what this does say is
each time this has happened we only had
we in these examples we only had three
months left for Bitcoin and we only had
four months left for the altcoin
market
so uh that’s kind of how we’re
navigating it right now barring that we
don’t get some breakdown here and then
we have to start saying wait a minute
now we’re looking like this is
2019 now we’re looking like trash but
barring that we’re able to hold drift go
for it it would be the next 3 to four
months would be incredibly exciting but
that’s all we got then it’s over game
over lights out done and to
remember everybody will be telling you
that’s not true everybody will be
telling you it’s going to keep going
right so just kind of keeping keeping
all that in mind
um and yeah and to not have unrealistic
expectations and I like when I read at
the beginning of this thing I had shared
that
tweet this
one um that probably everybody probably
has some ambition to change their life
from a monetary angle to quit your day
job buy a house help family buy an
expensive car whatever it is it’s saying
being able to quit your day job is the
most meaningful one meaningful one that
resonates with people the most that is
why there’s so much content built around
be financially free right if you don’t
realize that it is a massive business
online to sell you the idea of Financial
Freedom right it’s because it’s a huge
Market because it resonates with people
the most it’s what they want the
absolute most and so when you hear
things like fed buyback or Price going
to $10,000 per xrp or $1,000 or500 you
know depending on your back size it
resonates into you to feel Financial
Freedom or it’s going to go crazy and
that this is going to change everything
that my life ever that it’s going to
find I’m finally going to be happy right
and sometimes these expectations are are
just way out of
line
um and that there’s very real reality
that we get to wherever we get to and
whatever expectations you have set in
your head on the 400 xrp that you have
that were going to be bought back from
by back from the by the FED for $10,000
each and you were going to get $4
million that that won’t happen right so
to just keep the expectations a little
bit more muffled um and that you know we
get there we get there whatever will be
will’ll be and hopefully we do get there
right and hopefully these things pan out
and hopefully brag Arling house is right
we’re going to five trillion and
hopefully these Unchained signals and
these price signals are all right and uh
we have a good time
yeah I don’t know where I’m going with
that that’s what you get all right
Elon uh it ain’t what you don’t know
that gets you into trouble it’s what you
know for sure that just ain’t so Mark
Twain very good very good stuff always
important and even a reminder for myself
to try to remain
humble
right all right well there we go that’ll
be it guys keep your eyes out I’ll have
a uh video released here within the next
hour I hope that you all have a
fantastic day
keep your eyes out tomorrow morning
should be tomorrow morning for the next
newsletter iteration to be released
comparing the sectors of the crypto
market and I hope that you all have a
great day but that is it thank you all
so much for watching Michael says knu go
pack
yeah I think I need to do laundry first
all right that’s it thank you so much
for watching if you could please like
this live stream and give it a thumbs up
if you are new to the Channel please
subscribe
and hit the notification Bell so you can
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and when I go live as always this is not
investment advice I am not a financial
adviser but if you ever need a pickme up
or a little bit of reassurance just
remember that the blockchain backers got
your
back have a good one

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CREDIT: “It Is Wednesday My Dudes”

Video:

ZimoNitrome

Audio:
SupercraSY

MARKETS in the MORNING, 4/29/2024, Bitcoin $62,500, Market Finding Footing, DXY 105, Gold $2,330

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