THIS WAS HOW IT BEGAN IN 2021, as Bitcoin Price Chart and Altcoins Have Similar Setups

THIS WAS HOW IT BEGAN IN 2021, as Bitcoin Price Chart and Altcoins Have Similar Setups

[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 altcoin market of course we’ve got to tie in the Bitcoin price to all of it but there’s some interesting things I’ve noticed over there in the altcoin market that I thought we should talk about and with Bitcoin sitting back at its all-time high stock market sitting up there at it’s 4.236 could we be on the brink of the big move that comes in the cryptocurrency market typically the most fun part of a cycle it’s typically the finishing move of the cycle but really the one that we all show up for as many of you know we’ve been sitting here watching the altcoin market ever since it bottom to back there on April 13th going on almost 2 months since that bottom was put in in here waiting to see if we can actually get an expansion to happen in this market but something that has been a repetitive theme on this channel and talked about in yesterday’s video in depth is just you know those similarities of what Bitcoin is like as if it was significantly deeper into the cycle than most people think than it just being the very beginning the block reward having just happened you know you still got a year and a half left or whatever but that you know there’s the potential that we’re here just in the last couple of months of this whole thing one of those things we looked at a lot back in 2021 and 2022 was the market caps of a lot of these altcoins and of Bitcoin and how we saw that ethereum and Bitcoin topped based on the 4.236 extension of their market caps well it’s been really interesting watching price charts and market cap charts here in 2024 because a lot of these coins experienced tremendous amount of inflation during 2022 and 2023 a good example of that is like ICP or Internet computer we could see that the market cap has reached all the way back to the 702 Fibonacci retracement where with the price chart of ICP we can see it hasn’t even cross the 236 retracement level in here and that’s due to an overwhelming amount of Supply that hit the market between 2021 22 and 23 the overall value of the entire network reached back to a 702 retracement but due to a massive increase in Supply during that time the price chart doesn’t quite get as high the same phenomenon also occurred for hyera hashgraph or harar har Bar’s market cap exceeded all Fibonacci retracement levels on that big wick that took place on that highly controversial news that came out for hyera however due to inflation for harar over the course of 2021 22 and 23 we can see that price only got back to the 236 retracement level if it were to have kept up with the actual market cap it would have gone about 200% higher and you would have saw about 48 cents for H bar like you can see over here on the market cap but inflation kep it down anyway peeking around at all of these altcoin market caps it’s been very interesting to see the observations that have happened in here of course hadera hitting all these retracement levels internet computer hitting the retracement levels ethereum hitting the retracement levels near protocol hitting the retracement levels but some charts have come up short even for their market caps and even coins that did experience High inflation something that experienced a lot of high inflation through 2021 22 and 23 was filecoin however even for filecoin that market cap has not reached all the way back to retracement levels however this is one of those charts I’ve been monitoring closely because of one asset that I actually did really well on in 2021 and that was actually ethereum classic as strange as it is and the thing about this chart and when it comes to filecoin is I’ve actually noticed a lot of the same similarities that have happened over there on file coin that actually happened over here on ethereum classic let’s be clear I’m not here to say filecoin is the way to go it’s going to moon and then 10 of you buy it and then say hey do you still think file coin’s going to go to the Moon I don’t know I’m just showing you some similarities of price action happening in this market like we’ve been seeing similarities happen throughout the market currently to what we’ve seen in the past and that this is actually just another one of those interesting Confluence things that are showing up in the market and it’s really this particular time happening right here been watching this thing with filecoin for maybe a year now and the similarities of the price action and the timing of where they’re showing up at once again has a bunch of Confluence to even the other things that we’ve been talking about in the market we see similar capitulation structures completed crashes like this is actually an exactly normal crash that you end up seeing here where there’s the initial fall the double bounce and then capitulation in here you may recall that’s how Bitcoin completed its crash in here in 2014 and 15 that that is what a completed crash does look like before you go into capitulation then yof W off like here for Bitcoin and here for filecoin completely normal completed crash and so when we look back at like things like ethereum classic from back in 2021 and we look at how price behaved in here you can actually see the whole two-year bottoming structure in here that these are actually even again the same bottoming structures that we had between the two of them from 3 to four years apart from each other the initial capitulation the capitulation and then waddling aggressive attempt to go back up aggressive attempt to go back up and then the long drawn out period in here and that while these aren’t I mean your brain could just kind of visualize there you you kind of got like a head and shoulders kind of thing look looking in there right you can visually see it right but what was interesting about it was that finally once it went into Escape it got over here to the 382 Fibonacci retracement level you can see that happening over here in filecoin to the 382 Fibonacci retracement level then an aggressive fall back and that’s not actually a little baby fallback that happens in there for ethereum classic that ended up being a 50% pullback that is happened in there well you can look over here at filecoin and you could see hey 55 even for the trend line you can see these things happening in here it really kind of does the same thing right back to the same FIB levels and then the big pullback now I’ve probably lost half of you already because you’re kind of like who cares about filecoin and that is absolutely not the point of this the point of this is to show where exactly it would be if those were the same I’ve been very aggressive in my arguments on that this Market moves together so when we’re looking at something like this and saying hey something like that was the next thing that happened even if that did show up here on this chart altcoins don’t do those things independently it’s because something broader is happening throughout the whole Market it’s not because this one particular asset is suddenly just gold it’s due to the whole Market having that type of behavior at the same time so of course what we’re looking for is any type of evidence to suggest that we could be doing something like that and that the sky isn’t falling the gig is up we hit the 702 retracement and that was the end of it the gig’s over all walk away stock market’s about to crash and crumble get we’re done right looking for any type of Confluence to emerge to suggest that is possible or that something like that is possible that we’re just working out something like we did right before things got hot back in 2020 2021 but something else that is super fascinating about it at the same time is not just that hey I can visually see that these things look quite similar to each other I can visually see they get back to the same retracement levels at the same time and then have nearly equivalent Falls to each other with similar action to similar levels but it’s also one of those things that I keep harping on saying it’s like this Market is much further along than people think the approach of saying block reward having in four-year Cycles is not what all the data suggests and like we’ve shown the Peak at this Market actually happened back in April and May of 2021 not November of 2021 but that even if you were right here for bcoin or for the altcoin market you can see how long it has been since that Peak came in it’s 1,162 days or 166 weeks how many weeks do you think it was between that Peak and until we get right over to 1,162 days or6 66 weeks we end at the same spot when that occurred how much time was left in this market afterwards a mere 7 weeks or 49 days all the crazy action took place over the course of 49 days you may say to yourself that’s not possible this Market can’t behave like that we’re just beginning but it’s actually true that when these things happen they’re actually incredibly brief and that this is merely about that same amount of time you could see 49 days is from there to there for total three that was taking it from 50 billion all the way up to $358 billion 7x in the entire altcoin market cap happened in 49 days you can look right here at total two that’s really how it all goes down is that it happens very quickly that you go from here to here raging 500% for total 2 in 49 days these are usually the finishing these are the things that happened before big bare markets set in not only for crypto but for the United States stock market at the same time so you say yourself there’s no way right could it do it in 49 days just with where it’s at right now well it’s all it took in 2021 and we can see even in 2017 and 2018 that’s how fast these things did play out is Bitcoin high enough to have any type of capital rotation sitting here at $669,000 sure even this whole purple bars chart or fractal that we’ve shown from 2017 and how quick it all played out as this thing progressed it was over right there which would be equivalent right now to like July 25th that’s only 50 days are we moving at that velocity obviously not but just to show you how fast things can go and I still stick with the belief that thinking we’re actually much further along than people would think and of course we’re all hoping here that we are going to go into expansion and that this thing could go but it’s one thing to just sit there and say boy I sure hope it does but can we look around to different places to try to find things that say hey we actually did do something like this that was actually right before things did kind of get wild I don’t know if filecoin is going to be one of the big ones to go I have absolutely no idea if there’s 49 days left in this thing but it’s another piece of information to just add into your toolbox add into your thinking cap and say it’s very interesting this was like as if we were just like kind of right near the end of the whole thing and of course that’s what we all show up here for all the crazy all the Wild and it all happens right at the very end so you constantly hear me kind of like oh kind of worried kind of these things kind of this kind of that uh because I’m not convinced after going through multiples after going through multiples of these that like if it gets fired off if it gets kicked off and if if we start rampaging or something like that it’s very exciting but of course in the back of my head it’s constantly thinking like okay man this is this is how things end this is how things eventually get really bad for years to come after this and I know that’s really weird that’s polar opposite right you should be sitting there thinking yes we’re going to the Moon my brain just works the exact polar opposite you know when we’re at the bottom it’s more of just like accumulating waiting there’s nothing to do finally the thing gets moving and going and it’s like okay well now it’s time like I actually have to make some decisions here now I haven’t had to do anything for years I just get to sit down here and keep buying this stuff and talking about why off accumulation then the first thing is we get back to retracement levels and it’s like okay I got to take some action at the retracement levels and then if we actually get out of the retracement levels and it’s like okay it’s the exciting time but history always suggests they’re shortlived they don’t last long they’re extremely crazy they’re monstrous but they just don’t last very long right and even in this circumstance of seeing something like this if it kicked off and fired off like this even that right there that was 49 days and while we still don’t have an answer today on if we are going to expand and the thing hasn’t taken off yet if it did take off right what would be something that we would be looking for and we’ve now seen it two separate times and that’s the price behavior of Bitcoin and the altcoin market and it’s that if the altcoin market goes on and sets an additional leg higher after Bitcoin has fallen and is only at a retracement even if this is only 20 days away 30 days away we’re not talking obviously we saw it in 2021 not 7 months away we’re talking 20 30 days away and the altcoin market sets another high in here just like it did in 2017 and 18 and just like it did here in 2021 if the legs still continue higher here for the altcoin market while Bitcoin is just retracing that has been the marker for the last two times so paying attention to that that if there’s another leg higher in the altcoin market while bitcoin’s not that has been our signal the last two times and that’s something we’d keep an eye out for in the event that it happens again which obviously we can see in here has not so we’ll keep our eyes on it price starts to behave like that we’ll mention it you can even see in here just because we looked like this did not mean today was the day for it to go this thing still ended up having two more weeks in here and a couple more scares in here before it ended up going but when we mix all of our confluences together of where Bitcoin is where the altcoin market is and finding some Confluence to what happened before that big exciting leg came in in here there’s a glimmer of hope there so we’ll be patient we’ll keep our eyes peeled for it we’ll pay attention to things if they change but as of right now as long as these things still continue to hold in here things seem okay so on that note I’ll wrap this thing up it’s it’s actually kind of fun doing videos as you guys know it’s been mostly markets in the morning for the last year but that takes away a lot of the time in my day to be able to kind of like look around throughout the market and spend a lot of time looking throughout the market rather than just reporting on the market and it’s fun to find some cool things happening in here so I hope you enjoyed seeing it from that perspective otherwise we will have markets in the morning tomorrow because it is Wednesday and I look forward to hanging out with you guys till then if you’re looking for something to do of course check out the most recent newsletter over there on blockchain back. substack docomo audio voice over diving into the confluences of our current market versus 2021s Market not only just from the price charts perspectives but also from the narratives and the retail behavior and celebrities along with diving in to the decentralized nature of the fit 21 Bill and trying to find assets that match that criteria you like to watch some videos by me of course you could check out BCB backer.com with over 40 videos and 11 hours of content deep diving into the historical behavior of the cryptocurrency market and teaching you how to set up your own charts and trading View and coin Trader Pro also teaching you about Elliot wave theory and wof accumulation along with extra things learned from experience with research data crowd behavior and emotional management there’s also downloadable PDFs in here supplemental information for a lot of these sections you can check that out over here on BCB backer.com there are links down here in the description of this video to BCB backer.com and to the newsletter over there at blockchain back. substack dcom otherwise I hope you have an absolutely wonderful day I hope you enjoyed this perspective and 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 advice advisor 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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