ALL LINED UP, Bitcoin Price Chart & Altcoin Market Rise Structures Like 2021, Looking For Catalyst

ALL LINED UP, Bitcoin Price Chart & Altcoin Market Rise Structures Like 2021, Looking For Catalyst

[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 taking a look over here at the Bitcoin price chart while also talking about the altcoin market as we await to see if we can get some positive momentum come out of Bitcoin maybe a narrative show up some type of surprise we know that the price action of Bitcoin and what we’ve seen so far has resembled a lot of the price action that we’ve seen in the past especially back in 2021 we’ve gone through this with extensive detail which I’m not going to dive deep into today but that the price action of what we’ve seen so far with Bitcoin resembles that as 2021s push to $42,000 when Bitcoin was already 2x its previous all-time high that the price action we’ve seen so far and the onchain behavior that we’ve seen so far resembles us already going that far we’ve shown onchain data here on the YouTube channel it’s even been written about over here in the newsletter on blockchain backer dos substack docomo even our value days destroyed multiple hit the absolute extremes which we did see in 2013 2017 and in 2021 and notice there in 2021 where is that that’s already when we two times the previous all-time high from 2018 that of course is a very Stark difference from what most people do believe considering we just had the block reward having foure Cycles Etc that we’ve already even seen price action from the altcoin market hit retracement levels here just as it actually did back here in 2021 as well then bring in the GameStop YOLO here we go GameStop YOLO here we are again today we’ve got roaring Kitty returning again for GameStop but the only true element really missing in here is that Big Fat Surprise that came and hit the market back in 2021 which was Tesla adding Bitcoin to the balance sheet that was the final marker that brought retail in in Yolo Diamond hands Wall Street bats I’m never selling right all that type of behavior came in in there and that’s really just the thing that we’re missing right now from the market if we’re going to end up getting an escape and actually go into expansion as we all know the altcoin market went back to wear the 702 Fibonacci retracement level back in March we had extreme risk-taking irrational exuberance but now waiting to see can we actually get into a true expansion to happen one of the things we’ve talked about a lot has been the safety trade dominance which is a mix of Bitcoin ethereum usdt and usdc without going into extreme detail on this here is the Bitcoin dominance from back in 2018 through 2021 we’ve covered this many times on the channel so I’m going to assume maybe you’ve seen a lot of it already but essentially in 2018 through 2020 we did not have a stable coin market tether’s market cap was about a billion dollars we didn’t have usdc Dai you didn’t have binance’s stable coin back then and the true safety place to go to was Bitcoin either you pulled your money out of the market sent it back to your bank account or you sat in Bitcoin to try to weather the storm that hasn’t been the case here in 2021 through 2024 for for the altcoin market and for the crypto Market because you could just go into stable coins and even ethereum as the dominance of ethereum has held itself up all throughout 2021 through 2024 unlike 2018 and 2019 where it fell a whopping 72% so ethereum has been a place to seek safety along with stable coins which you can see in these last few years representing between 4 and 10% for tether whereas back there in 2018 represented. 21% reaching as high as 2% in 2019 but what’s fascinating about the place with where we’re at right now when it comes to the safety trade we’ve actually mirrored that exact same behavior from 2018 through 2021 with our safety trade dominance versus the Bitcoin dominance and the area that we’ve reached to right now is a time where we could see this actually start to fall again we saw these things top quite a while ago the safety trade actually concluded a year ago in June of 2023 we’ve seen all the little phases happening here for the safety trade as it’s shifted its way down all these price actions have happened identical the big bowl and then back up and then now it’s getting kind of ready for another leg but what I would like to do is talk about actually what happened in our last leg down that we ended up having and I don’t think this is going to be the big doozy it would be nice if it is but if just kind of continues humming along as it has been it would be more something along the lines of that maybe we’ll get lucky maybe it’ll be the big one the big Harrah but if we just kind of looked at it from this aspect of what happens when these safety trades are going on in the market it’d really just be something more like this so let’s talk about what happened in the last one we can actually look at these dates right in here we start here in October of 2023 and we actually conclude right here right as the year clicks over into 2024 now there’s actually some interesting data we can draw from that based on a newsletter that was written back on April 30th in this newsletter we looked to see how the altcoin market had performed by sector from October all the way up until the end of April and what we saw were the things that we typically see happen in the market where we see everything move together it’s been like that since day one it’s always been like that you don’t essentially say hey I think this half of the altcoin Market’s going to collapse and this half of the altcoin Market’s going to soar it’s all one big trade it all moves together the difference is that we can see over performance and under performance but they all typically move up together and for an example of that you can see right here on these sectors and I’ll show you guys these ones there are more sectors in this newsletter but in this one we can see dii layer one layer two and meme coins in here and what you see is you see there’s nice rallies that take place here in October and November notice defi does not participate as much here into December as layer ones layer 2os and mem coins do then everything cools off here in January and then you could see everything moving up again here into February and March and where does the conclusion come in in here right there in the midpoint of March which what do we see over here 7 to2 retracement the middle of March boom everything cools off together it’s all one big trade everything moves together but remember we’re talking about this stuff in here we’re talking about what happens with the safety trade we’re talking about if the safety trade dominance is going to shift down what did we see happen the last time that shift down ended up happening let’s take a closer look at this really fast to see that you know it did bottom in here right there on December 27th notice then it just kind of washes around and it doesn’t set a new low down here at the end of March but just kind of washes around in here and we actually can see that represented in this data not when we look at it from this perspective but when we look at it from the perspective of comparing it towards the whole Market you could see that here layer ones layer twos in defi all have nice runs there in October and November and some in December when we’re comparing it versus total three but then notice that these don’t actually perform better than the market after that point do their prices rise yes their prices rise but in relation to the market is there an outperformance that is happening with them no so in this circumstance here the whole Market is rising here into March in February but there’s no outperformance that is happening anymore at this point there’s sectors that are outperforming but the whole Market is not so what I’m getting at with all of this is if we do end up seeing a move down happen here in the safety trade dominance happening in here last time that was representative of the entire Market having outperformance during that time but if things start getting washy around here that’s where we started seeing sector specific outperformance happen in the market what were the narratives we saw here in these last few months what was it rwa right real world assets AI Etc that’s where those narratives came into play for specific sectors but in here it was the entire market outperforming so if we’re setting up for something like that and if we saw something similar happen in there a move like that should be entire Market outperformance but once we get down there you could start seeing that same type of stuff starting to rejuvenate it itself that it’s hey this is the hot sector this is the thing to pay attention to as it just kind of washes around a little bit and while if we did end up seeing that moving right back down to the lows again back down to the lows for the safety trade dominance then finally a breakout happening in there hopefully that’s kind of the things that we’ve been seeing in here and that we do get a shift back up in there that ends up being this then we end up getting the escape and that it just ends up being a full FIB extension of our current range that ends up getting us to stop for some time and all that washing machine action happening in there ends up being all that and well hopefully this week is our week and that that big surprise can show up in there as we’ve done a good job holding the supports in here just as we did in here the only thing missing is that narrative that creates that YOLO Diamond hands laser eyes irrational exuberance The Narrative is so good and so far we’ve really had all the elements line up that we just haven’t had that one particular moment to to bring that into the market and we actually put out a newsletter just a couple of days ago talking all about that all the things that have happened in here of things you wouldn’t even expect and the timing of them showing up as you all know the The Oddities of GameStop showing up in there we’ve seen celebrities now and you look back on it you think back to 2021 and it’s like when exactly did the celebrities show up in 2021 when was Jean Simmons up in here when when was Lindsay Lohan up in here and it’s truly fascinating to see the timing of what we’ve been doing right now and again just reiterating over and over again how the timing of this Market is as if we’re significantly further along than most people do think uh but this was kind of that moment before the laser eyes Diamond hands YOLO Wall Street bets all that stuff ended up happening uh just the big element that is still just missing was that triggering moment that thing that created that we’ve had essentially everything happen that led up to that moment the only thing missing is that moment something that was that big like Tesla adding $1.5 billion to the balance sheet that sent people into absolute extremes but are we seeing retail Behavior acting pretty crazy and pretty wonky like we were back then well GameStops up 73% in pre-market I would say there are those elements just missing the triggering point but if this thing’s going to continue humming along as it has been for the last 3 years the next phase would again be an outperformance in the altcoin market just as we saw back in October through December the question is will that give us enough juice to get into true expansion and so we’ll be keeping our eyes on it in the coming weeks but as we all know this Market has not expanded yet we’ve seen a really big retracement come out of the market at this point we did woff accumulation all through 2022 2023 we had our sign of strength then we had phase e reje at 702 now it’s a constant watch to say when can we go into expansion and these are some of the most difficult times in markets there’s no question about it when we were going through 2022 and 2023 we talked about it constantly the market doesn’t tend to go down in a straight line forever we tend to get a retracement we’ve gotten our retracement we’ve gotten back to the 702 there’s a reason why in the intro there’s the 702 in there and it’s not ironic that that’s the place where we struggled at right in here now it’s all about trying to get through that this is an optimistic look to say that hey it looks like the altcoin Market’s going to get some outperformance happening in here bitcoin’s had all those setups that we’ve seen back in 2021 the only thing missing is that big fat narrative but it is still that big ultimate battle back to the retracement levels we’ve got a completely mixed macro picture that is totally different from 2013 2017 and 2021 but we do have some favorable things when it comes to what Bitcoin looks like and when it comes to what these dominances look like and what our structures look like so it does seem like we’re going to see outperformance of the altcoin market coming in pretty soon and then the big fingernail biting is whether or not it goes into actual expansion and so fingers crossed that’s what we do get we’ll watch it as time gets closer I would say if we actually see the dominance get all the way down in here and we’ve only seen the altcoin market get to like right there probably not a good sign so what we will be looking for is that by the time that dominance gets there we would like to see this already getting out and so that’s what we’ll watch in the coming weeks until then hopefully something shows up in here that creates all that hype all that buzz all that excitement in the market otherwise welcome to June the YouTube channel is going to be way more focused on YouTube videos rather than markets in the morning it’s a summer the kids or home it just creates a lot more difficulties for me to be able to go live at that time of the day I’ve been talking about this for weeks on markets in the morning we’re going to get a whole lot more videos out throughout the summer rather than markets in the morning markets in the morning still will happen on Wednesdays and we still will live stream those fed meetings otherwise prepare for a summer of videos but of course twice a month they do put out a newsletter over here on blockchain backer dos substack docomo there was one put out it’s got a 21 minute audio recording that I personally record myself reading through the newsletter and going over the charts put in there talking about all these similarities that we have seen compared to 2021 at this time whether it’s celebrities GameStop onchain altcoin Market all these things lining up in phenomenal ways we also do dive in there into that fit 21 bill that was passed and in there talking about decentralization and that requirement of less than 20% being owned by issuers trying to find data resources to give to you to be able to help locate that data for you we go through the top 50 and the ones that we could find to see what those Supply Dynamics looked like so you could check all of that out over here on blockchain back. substack do.com of course if videos are more of your thing I do have a website over here BCB backer.com with over 40 videos and 11 hours of content teaching you how to set up your own charts and your own indicators within trading View and coin Trader Pro talking about different patterns and ranges the woff accumulation and distribution Elliot wave theory the historical behavior of the cryptocurrency market along with a lot of downloadable resources for you in here in regards to PDFs and supplemental content to go with a lot of these sections you can print those out or save them to your hard drive whatever you prefer but even additional stuff in here like crowd behavior and emotional management I think we all know that one that’s all available over here on BCB backer.com there are links down here in the description of this video and all of my videos to BCB backer.com and to the newsletter down there at blockchain back. substack I hope you’re having a wonderful start to your summer at least it’s a summer here in the United States otherwise I’ll catch you 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 are 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]

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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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