RIGHT ON TIME, BUYERS ARRIVE on the Bitcoin Price Chart, Altcoins and Stock Memes Perfect Like 2021

RIGHT ON TIME, BUYERS ARRIVE on the Bitcoin Price Chart, Altcoins and Stock Memes Perfect 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 state of the cryptocurrency market including the Bitcoin price chart along with the price action that we’re seeing over here in the altcoin market while some interesting behavior is starting to show up in macro markets in regards to retail investors and the timing of when it’s showing up if you aren’t familiar with what’s going on Roaring Kitty the infamous YouTuber who led the retail charge in the GameStop short squeeze from back in 2020 and 2021 has made a Resurgence over here on Twitter after disappearing for 3 years and suddenly showing up here on Sunday evening with this random picture of what appear appears to be a man sitting back playing a video game and then leaning forward as if it’s game time or time to get serious whatever it is that has ultimately led to a two-day massive rise over here in GameStop going from $16 to his high as $64 and well he’s essentially posting something every 15 minutes over here on Twitter right now you may be thinking to yourself who cares not my cup of tea I don’t really care about GameStop I don’t care about meme stocks and fair enough but one thing that’s always interesting about markets after going through multiple Cycles myself is what ends up happening when you finally get to the exciting time of a market it’s typically associated with retail investors piling in by the masses if you haven’t heard people talk about it much there hasn’t been really this massive flood of new people pouring in to the cryptocurrency market with the action that we’ve already seen so far it’s been relatively quiet with Bitcoin going back to its all-time high and the altcoin market getting back to its retracement level we haven’t expanded we haven’t seen that big surge of new people pouring in people will measure that by you know their tweet activity engagement over there on Twitter Youtube video views subscriber growth all that type of stuff that that just hasn’t really existed yet but what does end up happening and we watched this in 2021 because I was doing YouTube videos in 2019 I did them in 2020 and into 2021 and we went through all the trash I started making YouTube videos right in here and we went through all of this and there was just no poor in of the market of new people flying into the market and even when we went on that big breakout that happened for Bitcoin right in there still it was relatively quiet throughout the cryptocurrency market in here and it wasn’t until this moment in time where two different events happened that brought all the retail investors in to buy the top of the market it was one Elon Musk and Tesla adding Bitcoin to their balance sheet and two the beginning of the retail investor when the GameStop short squeeze took place you can see it was really in that correction when all the crazy in this market all started and really even when we were in that correction the GameStop short squeeze came to a conclusion still while we were still in that correction however the effects of what happened with retail gave the momentum for continued behavior for the months that followed we saw Wall Street bats laser eyes and Diamond hands but the marking of when retail started to enter the the market and the chaos erupting in the market started when these events started to transpire GameStop short squeeze Elon Musk Tesla adding Bitcoin to the balance sheet it was like a culmination of multiple events and the empowerment of the retail investor but what’s the most fascinating to me is the timing of this occurring just a couple of minutes ago I referenced to this tweet that I posted yesterday over there on Twitter saying fun fact the GameStop breakout in Yolo of 2021 took place 1,100 102 days after the peak of Dogecoin in 2018 and the GameStop breakout of 2024 took place 1,100 days after the peak of Dogecoin in 2021 essentially this chart right here that when we look at Dogecoin from back in 2021 and the long bear that started there in 2018 in January we get all the way over in here and you get into that correction and that’s the beginning of the GameStop short squeeze taking place right there on Wednesday January 13th right in here 1,12 days after the peak when we move over to current times right now and we’ve referenced this even in past videos just a week or two ago if we looked at how much time has elapsed in this market compared to what we experienced last time I even used the Dogecoin chart to show that we’re talking just last week May 7th range battles for escape we’re talking about how much time has elapsed here for Dogecoin in relation to how much time elapsed back in 2018 18 through 2020 and yet here we are a one week later after this discussion and here we go the empowerment of the retail investor now starts to emerge once again just as it did back in 2020 we Circle back here to the discussions about Bitcoin because in that same video from a week ago and like we’ve been discussing for the last month or so the onchain signatures the altcoin market where it’s gotten back to it all has these same signatures of what was very similar to January of 2021 when we hit our Peak then the market went off into a correction in here ultimately to then go on for the final harra and what ended up happening in that correction the beginning of the GameStop short squeeze the beginning of the empowerment of the retail investor to go on for the final leg of the crypto Market which was the exciting leg which was the one that caused the expansion in the market the altcoin market to escape from the retracement levels Wall Street bets laser eyes Diamond hands we all got to make it all begins at this moment and somehow someway here we are in 2024 and the exact same thing is happening again the exact same thing that happened on Doge at the exact amount of time the exact same kind of Correction similar Unchained signatures the altcoin market getting back to the retracements here comes the empowerment of the retail investor and to look at it in the manner of which we’ve been showing on markets in the morning and in the YouTube videos to get an a of what that looked like this was the correction of January of 2021 there comes GameStop and the craziness that happens in there now we move over here to 2024 there comes GameStop and the empowerment of retail you can’t script it it’s unreal it’s a simulation right magical unicorn fairy dust arrives we have lots of different things we can look at for altcoin market caps whether we’re using coin Trader Pro or whether we’re using trading View and the different calculations coin Trader Pro is going to pull the market cap from what coin market cap is reporting from these figures that coin market cap reports up here whereas trading view is going to use its own calculation for the entire market cap of the crypto Market but one thing that did happen here back in 2020 and 2021 is that we had gotten back here to the retracement levels for the altcoin market and notice this is January of 2021 if you look at the bottom of the screen there’s January of 2021 notice we pulled back down right below 50% down in here which of course we have seen happen over here in 2024 but zooming in on that time period back in there when we we down here you can look that’s January 10th January 12th that we’re sitting down here at these lows notice here that the GameStop craziness or the GameStop short squeeze starts there Wednesday January 13th and so a lot of participants weren’t here to know what this Market was like at that time and reflecting back on what 2020 and 20121 was like when the GameStop thing happened the altcoin market was still way down here we’re sitting way below the all-time high meanwhile in this example bitcoin’s already what it’s already in the 30s and $40,000 it’s already two times its all-time high back in 2020 and 2021 meanwhile the altcoin Market’s all sitting way down here still below look 50% of the 2018 bar Market it’s still sitting way over here for the altcoin market but incomes the GameStop short squeeze incomes the return of the retail investor and off goes the market for the next 4 months so it’s not like the GameStop thing lasted very long but it created the Tailwinds for retail to start playing in markets aggressively again now we’re only two days into this do we know that’s what’s going to happen no but it sure is fascinating here to be just a couple of days into it and seeing what’s going to be that thing that Sparks the fuel what’s going to be that thing that gets retail to Pile in cuz that’s what always happens they always are the ones who Pile in at the top they’re the ones who create all the excitement that we all going to make it the laser eyes the diamond hands it happens at every peak of every market and somehow they just so happen to be showing up right now as if it’s a script as if the number of days were magically counted waiting for everything to align in to get to where it was at and maybe I’m over reading into it for it to show up and it’s just a completely random event but the reason why it’s so fascinating to me is because we’ve like built this big case of all this Confluence that has happened over the last several months where on chain we create the same signatures of what happens when we’re almost at the top for Bitcoin here in 2024 like we did back in 2021 then we create a corrective structure similar to what it was like back in 2021 then the altcoin market hits its retracement level in 2024 the same time that it did back in 2021 and then we see the psychological participation of the retail investor at the same location as we did back in 2021 when the same number of days have elapsed in here for these altcoins since their peaks were back in 2021 just as it was for their peaks back in 2018 to 2021 and there’s the videos to talk about it and then this happens where’s the excitement where’s the fun where’s the particip participation going to be at right I don’t see all the people around we all going to make it right but then suddenly this happens and obviously what are we at 3 days into it we don’t have evidence to know that this is going to continue and that this is actually going to be the rampaging up of everything but I’m looking over there on Twitter you got roaring Kitty posting every day you got the Wall Street bets guy posting over there trying to get people into crypto you know is this the beginning of the end right and I know that’s a weird term to say because you think to yourself no it’s the beginning of the beginning and I understand but when you go through years of this the beginning is also the end it’s you know from a Time perspective it’s several months and it can be chaotic it can be big price Rises and if we end up getting an expansion which obviously we haven’t seen yet we don’t know if we’re going to but if we get an expansion right the time the elapse time that comes with it isn’t very long but we know that there’s going to be lots of narratives of people being like dude can you believe this is already happening and we just had the block reward having we still have a year and a half left of this right that’s what the narratives will be like but the history does not suggest that is truly what ends up happening it suggests that it’s a short live time the beginning is the time to till the end and it’s very rare to like expect more than 90 days that is if we even get the expansion which for those who weren’t here again this is what GameStop looked like back then as we get to the retracement level for the altcoin market GameStop rips off and has the big event and then GameStop comes to an end only 11 trading days later uh but that momentum is what carried the fuel of the fire for the the market for the next several months and hopefully that’s the spark of excitement that we’re looking for to start emerging in markets and for participation to take place here and that we can hopefully break from this dreaded range that we’ve been stuck in here for the altcoin market and we’ll be keeping our eyes on this thing progressing in the coming days to see if we do see the rile up of the retail investor again which is the things that we do look for so I hope you enjoyed seeing that I thought it was real crazy to see that show up when it’s been showing up with all the things that we’ve been talking about not only from Bitcoin not only from the altcoin market getting back to its retraces but also like the timing of when Dogecoin did that it’s not just Dogecoin you can look at all the altcoins you could even use B&B for your example you’d still come up with the same result happening over here so we’ll see how this thing progresses we’ll keep checking on it otherwise I’m super excited because it’s the 15th we got the new newsletter put out over here diving deep into the Bitcoin onchain data to take a look at it to see where we are and well based on what we’ve seen in the past it’s really not surprising to see these things showing up in here but also having like that understanding of things we’ve already seen happen in here that having that opinion that oh the block reward having just happened and we’ve got a year and a half left on this so not what onchain says but seeing something show up like this right now actually would make perfect sense so if you’d like to take a look at all the in-depths of what’s been going on on chain with Bitcoin in regards to the overwhelming profit taking that has already happened on bitcoin and how bizarre that is for where we’re at and how that reflects throughout history and what that meant for Bitcoin in the crypto market after those events check check out the newsletter that was posted today it’s over there on substack at blockchain back. substack docomo blockchain backer.com there’s also a link in there to BCB backer.com if you’d like to watch over 40 videos and 11 hours of content from me teaching you how to set up your own charts and indicators within trading View and coin Trader Pro Al also talking about the historical behavior of the market and a lot of the different patterns ranges woff accumulation Elliot wave theory along with downloadable PDFs to supplement all of it if you’d like to print them out or download them to your hard drive all over here on BCB backer.com and the newsletter here at substack otherwise guys I hope you’re having a wonderful week I want to 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 pickme up or a little bit of reassurance just remember that the blockchain backers got your back have a good one [Music]

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.