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Altcoins GAIN MOMENTUM as Bitcoin Price Chart Sends Message BOTTOM BEHIND US, XRP, ETH, LTC & More — Transcript

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0:13Hey,
0:15what's going on everybody? This is the
0:17Blockchain Backer bringing you the
0:19latest cryptocurrency news and analysis.
0:22Today we'll be talking about the total
0:24market cap of the cryptocurrency market
0:26as Bitcoin sits above $84,000
0:29just on top of that 50week moving
0:31average which is there at about 78,000.
0:33The altcoin market continues ripping.
0:35Over here you have others which is the
0:37entire altcoin market excluding the top
0:3910 way above that 50week moving average.
0:42While you also have total three or the
0:43altcoin market excluding Ethereum and
0:45Bitcoin and total two which does include
0:48Ethereum in there also sitting above
0:50that 50we moving average. These last
0:52several days, we've seen several coins
0:53catch nice bids. There was a lot of
0:55green yesterday on various altcoins,
0:57even though Bitcoin has remained
0:58relatively tame in this range all week,
1:01but likely just a product of this market
1:03repricing itself after going through a
1:05nearly 2-year long bare market ever
1:08since the excitement of January of 2025.
1:11And then, of course, hitting all those
1:12onchain losses that we've seen from
1:14historical bare markets with Bitcoin
1:16hitting 10.8 million coins in a loss,
1:19XRP hitting 42.6 six billion coins in a
1:22loss. And then everybody kind of coraled
1:24around the idea that we would see 40 to
1:2550,000 which like in 2022 everyone was
1:28coraled around 10 to 12,000 and back in
1:312018 19 everybody coraled around 1,300
1:34to,700 but given enough time greed
1:38always returns to the market. This is
1:39one of those things I was saying down
1:41there. I was like ah you know after we
1:43went through that liquidation there in
1:44June I was like ah my bet is it'll take
1:47probably about 60 days and then we'll
1:49see greed return. And it took about 70
1:50to 75 for it to kind of start
1:52re-emerging. But we're definitely back
1:54on the move with the crypto market. You
1:56know, whenever we start to see greed
1:58return, whenever we start to see green
1:59return, I try my absolute best to not
2:02get like yolo excited. Of course, it's
2:05relieving. It feels good. It's nice to
2:06see the port rising. But I do try to
2:09treat my YouTube channel and the content
2:11that I put out there more analytical,
2:13more databacked rather than being kind
2:15of the hype man that most content
2:18creation is the cheerleader on X things
2:20like that. So people will joke that
2:23sometimes I'm like a wet blanket. You
2:24know, obviously throughout all of this
2:26we were all very bullish accumulating
2:28the market and you know we're rising
2:30back up nicely. Um so there'll be some
2:32things that I talk about in here that
2:33you know they're exciting at the same
2:34time. you know, also have to be really,
2:36you know, cognizant of just kind of
2:38where we're at and how historically the
2:40ranges do tend to get built. I've
2:42brought this up in past videos that it's
2:44very common for us to come back and hit
2:46the underside of where the market
2:48capitulated from and then we'll have one
2:50more liquidation. We see this quite
2:52often where we'll go through these
2:54massive style corrections. We'll return
2:56back to the capitulation level and then
2:58liquidate one more time, but then prices
3:00will start to push up higher again. But
3:02it's very common that we're going to
3:03eventually try to range out this area
3:07for some time before we actually try to
3:09go for a true expansion. You can see
3:11back in here back in 2014,5 and 16,
3:15right? This is where we capitulate from.
3:17Here's the back test with the
3:18liquidation. It escapes from that range.
3:21But then notice it does have to work out
3:23that area where the capitulation took
3:26from and range out before it escapes.
3:28Not so much over here in 2018, 19 and
3:3220, we had much more of a crash,
3:34retrace, reaccumulation style. But then
3:36over in here in 2022 through 2024,
3:39right, there still was some stalling out
3:41that happened in here. Albeit, it did it
3:43relatively quickly. It still took from
3:45November until February before this
3:47range area could be left. And then, of
3:50course, we even met with one more larger
3:52six-month range build that happened
3:54prior to that. I've brought it up that,
3:56you know, I I could build the case that
3:57this market would recover a lot faster
3:59than what we saw back in 2022 because we
4:02had significant breadth issues back in
4:042022 and 2023 where macro markets were
4:08not being expansionary. Even though we
4:10were seeing like the NASDAQ and the Dow
4:12and the S&P be able to go into this
4:14recovery, it was extreme consolidation
4:16into large gaps and that was not spread
4:18throughout markets in general. And so
4:21obviously we have this massive
4:22divergence that has taken place here
4:24between crypto and between broader
4:26markets that gives like this more
4:28optimistic outlook that we would have to
4:30remain so suppressed for so long. But
4:33there still is that challenge there of
4:35the market being able to do anything
4:37significant until that capitulation
4:40level and range can get exceeded. And we
4:43we tend to find some struggling that
4:45happens in there based on past market
4:48cycles, corrections and recoveries that
4:50that capitulation level poses some type
4:52of ranging. And of course, our modeling
4:54that we've been using for the last year
4:56and a half. Also, it it shows that same
4:58thing on a much smaller correction,
5:00right? This one only lasts about 2 to 3
5:01months. Same concept. You capitulate
5:03from this level, back test it, liquidate
5:05one more time, and then there's got to
5:07be ranging that builds throughout here.
5:08So, you know, the big challenge will be
5:10what will all of this look like in here
5:13before we can get something more
5:14meaningful to be able to push it all the
5:16way out. My thoughts have been we're
5:18going to do that in conjunction with
5:20likely the tech software sector of the
5:22United States stock market and we're
5:24just going to have to kind of wait for
5:25that to kind of play itself out. And
5:27then I'm not seeing anything here
5:28showing that it's like into expansion
5:30because of course when we see some green
5:32candle show up in crypto, what's the
5:33very first thing we start seeing? we
5:35start seeing irrationally exuberant
5:37price targets for crypto. You better
5:39hurry up and be ready, right? But
5:41there's no real signs here yet that
5:43we're actually in some type of alt
5:45season or that things are rocketing. Uh
5:48more so that we're just kind of
5:49rebouncing or ricocheting off of the
5:52floor of the market that really the
5:54market is finally waking up to the idea
5:56that hey, that was the bottom, right?
5:58And so a lot of offsides capital that
6:00was looking for 40 to 50k is probably
6:02re-entering. doesn't necessarily mean
6:04we're in expansion because we don't see
6:06that in some type of dominance collapse
6:09or in an expansion in stocks or that
6:11everything is moving together. XRP is
6:14usually a really good gauge of seeing
6:15that because we've seen it in every
6:17single alt season that that's also when
6:19XRP is ripping. There has to be the
6:21macro condition in broader markets. Then
6:24there's the conditions happening within
6:25the crypto market and then it's usually
6:27ripping. And so you could almost kind of
6:28use this as an alt season gauge. And
6:30what we could see is we're still kind of
6:32ranging throughout here. There's
6:33probably going to be more ranges that
6:34get built, but overall, you know, this
6:36is what we look for. And and I know this
6:38doesn't sound exciting because people
6:39are like, "Oh, no. I wanted it to go to
6:40the moon." Uh, but we have to go through
6:42a whole process to work our way back up.
6:44We don't just go from the bottom
6:45straight to all-time highs typically,
6:47right? We build we ricochet off the
6:50floor. We bring in some excitement. We
6:52bring back in some greed and then we'll
6:54find a new range and then work out a new
6:55range for a little while. And then after
6:57that range has been worked, we try to
6:59push to the next one. And you know,
7:00that's the one where things could get
7:02really nutty, right? And so my whole
7:03thought process when I'm looking at the
7:05market right now, I think of it in a
7:07context of being like, hey, look, okay,
7:09cool. We got it right. That was the
7:10bottom. We're ricocheting. The altcoins
7:12are realizing it. Are we showing signs
7:14that this is like some full-blown bull
7:16run, or is this more of just kind of a
7:18recovery and repricing of extreme fear?
7:21It looks much more like a recovery and
7:23repricing of extreme fear. And so based
7:25on that, where are we at? We're probably
7:27at the phase where we're just really
7:28ricocheting off the floor. Money's
7:30flowing back in. It's probably going to
7:32get irrationally exuberant in this
7:34range. Too much money will get offsides
7:36at the top. There's likely going to be
7:38ranging in a little liquidation that
7:40happens to the longs. Don't be scared by
7:42that. That's going to happen many times
7:44on the way up. We are going to see many
7:46long liquidations. I promise. We are
7:49going to see headlines multiple times of
7:53$1 billion liquidated from the market,
7:56$2 billion liquidated from the market as
7:58Bitcoin crashes, right? Or crypto
8:00crashes and it's like, you know, 5 10%
8:02pullback that happens in a straight line
8:04down because there's too much leverage
8:06built up in the system. We will see that
8:08many times because that's what always
8:09happens in every bull run. So, I'm not
8:11telling you something to scare you. I'm
8:13telling you, hey, if that happens, it's
8:15probably best to not be caught
8:17emotionally offsides by that occurring
8:19because it will occur. And historically,
8:22when you have every signal that you're
8:24in a bull run, when those liquidations
8:26eventually come, especially when we're
8:28beyond the 50we moving average, even if
8:30we did below it, but once we've done
8:31this, when those liquidations eventually
8:33come, that's usually where fear hits max
8:35again. People get worried again. And I
8:37know it's hard to believe that in this
8:39type of environment that one day people
8:41won't trust this rally again. I promise.
8:44I've seen it too many times. Everybody's
8:46pouring back in now. But then
8:47eventually, you know, when we get a
8:49pullback and there's like a liquidation
8:50that eventually comes, those are usually
8:52the best opportunities historically,
8:54right? Like this was a liquidation that
8:56ended this range. This was a liquidation
8:58that ended this range, right?
9:00Liquidation. we're always going to get
9:01them uh in the move up, but the best I
9:04can do is try to emotionally prepare you
9:05for that in a moment where things are
9:08getting a little bit exciting to say if
9:10that comes, that's usually a great
9:11opportunity. So, big context, things are
9:14looking good, but we do know we're just
9:17going to probably have to chill out
9:18throughout here. But it still leaves
9:20room for these altcoins to just kind of
9:22continue doing what they're doing. But
9:24to remember at the same time, we're not
9:26seeing something happening in here
9:27that's insinuating this is like a
9:29full-blown alt season. And really, alt
9:32season typically means we are breaking
9:33into a new all-time high for Bitcoin.
9:35So, if the data changed, right, if we
9:37started seeing the Bitcoin dominance
9:38break down or something like that, we
9:40could go ahead and say, "Hey, wait a
9:41minute. This looks like something
9:42different. This looks pretty exciting."
9:44If we saw IGV starting to push to the
9:46highs, you know, having some confluence
9:48with macro markets at the exact same
9:49time, we could say that. We could say,
9:51"Wait a minute, maybe it is alt season.
9:52I'm all for it. I'm ready to do it. But
9:54I just want to show you the data like
9:55from a realistic standpoint to say, you
9:57know, this just looks like a a ricochet.
9:59This looks like a repricing of the
10:00market. Definitely doesn't mean we can't
10:02keep going up on some of these things.
10:04Some of them have been pulled down very
10:05far. Uh retracing is a significant
10:07percentage move for them. And I think
10:09that's very very realistic. But I think
10:11we all care about all-time highs, right?
10:13Like I know I do. I'm not here to like
10:15day trade or do any range trading in
10:17here. I'm here to wait for things to get
10:20extremely exciting and then do the same
10:22thing all over again. Put some money in
10:24my pocket and, you know, enjoy life
10:26again. Um, but I I do think we're going
10:28to see a more exciting market this time
10:30around than we have in past markets.
10:32I've talked about that uh in
10:33newsletters. I've talked about that in
10:34live streams. I've talked about that in
10:36videos due to these elements that we
10:38have over here in macro and certainly
10:40due to this element over here in macro
10:42as well with that Russell and that
10:44massive deviation that we have to catch
10:45up to. And it's not it's not just that.
10:48It's not just hey like there's this big
10:49catch-up trade that has to happen here
10:51between these two or they have to
10:53somehow come back and meet each other.
10:55It's that we don't have this element
10:57like we had last time. And that's what
10:59was so confusing for people at the peak
11:01of the market was seeing hey look we
11:02haven't even gotten into a new all-time
11:04high on the total old coin market cap.
11:06How could we possibly think you know
11:07we're going to end up topping here and
11:09that's going to be the end of the bull
11:10run. And it was because macro was really
11:12weird uh for the last few years when we
11:14were in that bull run which we
11:16highlighted non-stop. But that those are
11:18different this time, right? We have a
11:20much better kind of setup and it's still
11:22not the same type of setup that you're
11:24used to if you were here and you know or
11:25you've just studied 2013, 2017 and 2021.
11:29I do think this is more of a rotational
11:30equity top market, but that still
11:33doesn't mean it's not going to be
11:34ridiculously exciting for crypto because
11:36it's not a collapsing breadth style
11:38market which is what we had last time.
11:40So, I think we could recover much faster
11:42than what we've seen. But like I showed
11:44even there on Monday, like even like a
11:45really fast recovery if you moved at
11:47this speed. And again, I got to rephrase
11:49this every time because people hang
11:50their hats on time predictions so much
11:52because time is the most valuable asset
11:54that we have. I can't predict time. I'm
11:56going to get it wrong every time. So,
11:58I'm just showing you data, okay? Like,
11:59if you continued moving at the velocity
12:01that this correction has has moved at,
12:04right? and you just kind of continued
12:05going at that speed throughout here like
12:08you like you do in here like I showed on
12:10Monday. Even that would take you to like
12:11April or May before you could get that
12:14style speed. That would still be the
12:16fastest recovery in crypto we've ever
12:18seen to go from a bottom to a new
12:20all-time high in, you know, 9 or 10
12:22months. Never seen. And I think that's
12:24reasonable based on these elements over
12:26here in macro that we could see the
12:28much, you know, a really fast recovery
12:29in the market. But, you know, when
12:31people hear really fast recovery, they
12:33think today. they think tomorrow, next
12:35week, next month. It's usually not that
12:36fast. I'll take it by all means, but I
12:39just don't think it'll be that quick.
12:40So, I always want to like set
12:41expectations on the words that are
12:43coming out of my mouth that we are
12:45talking a fast recovery. Um, but in
12:47context of that, you know, moments like
12:49this to getting to the high usually take
12:52a year and a half or like in here taking
12:54just shy of two years or in here, you
12:57know, to even touch that all-time high
12:59that's a year and a half, but to
13:00actually get expansion, it's two years,
13:02right? So when we when we talk 9 10
13:04months I you can see what I'm saying
13:06like it's a lot faster than what we're
13:07typically used to and I truly have no
13:09clue if that's how long it's going to
13:11take but if you moved at these speeds
13:14that's what you would be looking at
13:15right so we'll obviously continue
13:17watching it as it continues to progress.
13:19So main point of all of it is is that we
13:21still look very good over here in the
13:22cryptocurrency market. We look good for
13:24Bitcoin. Uh we're looking just like what
13:26a a recovery should look like. It's
13:29exciting. It feels good. Markets in the
13:31morning. we had, you know, more positive
13:33sentiment in markets in the morning than
13:35we typically do. I wouldn't call it
13:36euphoric, but I do think it's more of
13:38like the sigh of relief or the weight of
13:40the world off your shoulders. I've
13:41talked about that in past markets
13:43before. I've shown what my emotional
13:45logs are that for some reason this type
13:48of level right in here. There's still
13:50weight on people's shoulders, but once
13:52you can get through that level, that
13:54weight starts to disappear. We talked
13:56about that a lot in here as well back in
13:582022 that once we would exceed, you
14:00know, $32,000, a lot of that weight
14:03would start to fall off. That
14:05overhanging impending doom style feeling
14:08starts to kind of wear off once you can
14:09get through there. That same thing was
14:11true back here back in 2018 and 2019
14:14that we had to kind of get through that
14:16to get rid of some of those feelings of
14:18like uh this market it feels so bad. And
14:21uh I've gone through my emotional logs
14:22of going through this because I
14:24documented that whole period in there uh
14:26and then well into here as well. And I
14:28just emotionally know what it feels like
14:30for people and then especially to exceed
14:32that moment and that we're seeing those
14:33emotions start to become better here in
14:35the market. And I don't think it's
14:36anything of a rational exuberance or
14:38extreme risktaking or unnecessary
14:41excitement, right? Cuz we watch out for
14:43those things. We watch for if people are
14:44too excited or not. It's just absolutely
14:46natural to get through that area and
14:48people start to feel a little bit
14:50better. So, you know, the thing of
14:51course, you know, I've spent for the
14:52last several months has been like
14:53looking at altcoins trying to figure
14:55things out when it comes to percentage
14:56draw downs, developer activity, utility,
14:58you know, whether or not a blockchain
15:00necessarily even needs the token to be
15:02successful. You can have a blockchain
15:03that is incredibly busy, has a lot of
15:05activity on it, but does any of that
15:07activity actually dive into token demand
15:10or into value acrruel for a token,
15:12right? Does it cause it to burn more of
15:14the tokens or does it force buybacks of
15:16the token? Right? You know, when I wrote
15:18my recent newsletter, we went back and
15:20kind of looked at, you know, how have
15:21those different sectors been performing?
15:23How has developer activity performed?
15:25How has utility percentage drawd downs,
15:27token value acrruel, right? And things
15:29kind of fall into different buckets when
15:31it comes to token value acrruel because
15:32obviously Bitcoin doesn't have any type
15:34of token value acrruel or any type of
15:36burning mechanism outside of you know
15:37there is a transaction fee that is paid
15:40to miners but we don't have like
15:41anything that's like necessarily like
15:43some type of activity on the Bitcoin
15:45blockchain that drives more demand for
15:48the token like with Hyperlid it forces
15:50buybacks of the token or Ethereum it
15:53burns the token right but you know then
15:55you have one other sector of the crypto
15:57market in that Bitcoin bucket outside of
15:59things that are just like vote token
16:01demand, you know, equates to value
16:03acrruel. But then you have this other
16:05sector, right? You have like the
16:06monetary pass stuff, you know, you've
16:07got your Bitcoin, you got your Bitcoin
16:09cash, you got your Litecoin, you got
16:10your Zcash, right? These are all just
16:11monetary passes, right? They they're not
16:13busy blockchains by the means of, you
16:16know, NFTTS or memecoin trading or RWAs.
16:20And that sector has been interesting
16:21because it's been performing well as
16:23well. And I brought it up in the video
16:25or excuse me, I brought it up in the
16:27live stream on Wednesday, right? How
16:28some of these look so fascinating. I
16:30even tweeted about it over there with
16:31Litecoin. And I want to be really clear
16:33here. This is not going to become a
16:34Litecoin channel. And if people are
16:36asking me about Litecoin and Markets of
16:37the Morning, do you still like Litecoin?
16:39I won't answer you.
16:42I'm beaten down by you guys when it
16:44comes to to altcoins. Um, but we can
16:46just see it in here just on these
16:48massive ranges that have happened here
16:50in the market and then these
16:52accumulation structures that have
16:53happened in here for these and it just
16:55looks so awfully similar to what we've
16:57seen before and the behavior so similar
16:58and it would make perfect sense for this
17:00type of behavior to happen in here. Why?
17:02Because we have the elements that are
17:04different in this market for us to be
17:05able to do something significant like
17:07that but at the same time all the
17:08structures there for it. And so we just
17:10have this massive range with all of the
17:12same stop behavior. We capitulate in
17:14here for our selling climax. Then there
17:16goes WOFF accumulation with the
17:18automatic rally, secondary test,
17:19secondary test, and phase B, resistance,
17:21and spring just like XRP did back there
17:23from 2014 to 2017 with, you know, the
17:26rally retrace. Then you capitulate into
17:29your selling climax, automatic rally,
17:31secondary test, secondary test, and
17:32phase B in spring. We talked about
17:34something very similar to this back in
17:352022 when Binancecoin was doing this.
17:38Right, here's your capitulation level.
17:40Breaks on down. There's your selling
17:42climax. And then off and away we go with
17:44WOFF accumulation. Still having to be
17:47stuck underneath here as it accumulates
17:49with our automatic rally, our secondary
17:51test, our secondary test in phase B
17:53followed by spring. And it's that
17:55typical stuff we talk about with
17:57liquidations in there where we
17:58liquidate, but then we have one new low.
18:01just like all these discussions that
18:02we've had in here for Bitcoin that these
18:04are not unusual behaviors to happen in
18:07here for a market and that the crashing
18:10structure is probably the most
18:11fascinating thing in the world because
18:13you can really find it everywhere and
18:15and pretty much nail bottoms on it that
18:17will liquidate and then there's the new
18:20low, right? You'll liquidate and then
18:22there's the new low and then off into
18:24recovery you go. that that's what was
18:26happening here on this WOFF accumulation
18:28after this selling climax built
18:30underneath this capitulation resistance
18:32right there's your liquidation there's
18:34your new low and then there goes a
18:36recovery right that when we talk about
18:38this on these things that's exactly what
18:40was going on here on these accumulations
18:41as well and you know what we have
18:43happening here on Litecoin more clearly
18:45right and it's not that Litecoin is the
18:47best coin in the market it's just one
18:48that's really clean to read right and
18:51that there's our liquidation there's our
18:53new low and then there's our recover
18:55recovery, right? It's it's highly
18:57unlikely that Litecoin can do anything
18:59in an isolated chamber because it never
19:01does. The whole market never does. It's
19:03always in conjunction together. And so
19:06people want to stare at altcoins all the
19:07time, analyze this, analyze that.
19:09Frankly, it's just a macro trade, right?
19:12It's a big broader context move. But
19:15it's probably the most exciting one
19:16because it's telling us a different
19:18story in here from what we've seen in or
19:20at least what we saw in the last market
19:22cycle that we have this potential that
19:24we've built these monstrous ranges. Some
19:26of them are more pretty than others that
19:29you could argue the same thing here. But
19:31it's just stronger in here for Ethereum
19:33that the WOFF is here, right? Like this
19:36is your selling climax with your
19:37automatic rally, your secondary test.
19:40Then here comes your secondary test in
19:43phase B, right? Here's your spring with
19:46your liquidation. There's your new low.
19:49There's your bottom. And then now
19:50recovering, right? That this is just one
19:53big giant woff happening throughout
19:56here. And that, you know, we're probably
19:57seeing these same things happen not just
19:59in Litecoin or like over in here like on
20:02chain link with all the same stuff in
20:04here that you know that we've got it all
20:05the crashing structures to complete. you
20:07know, Woff accumulation with our spring
20:10down here, but we've got them over here
20:12on the big boys, too, like Ethereum. And
20:14then, of course, at the same time,
20:16really just standard stuff in here,
20:18standard corrective stuff happening here
20:19for XRP to be able to turn its way back
20:21up. So, you know, I'm not here to be a
20:23Litecoin maxi. I don't have that much
20:25passion about it by any means. It just
20:28has a very clean chart in here from
20:30things we've seen. And then when you
20:31really kind of apply that to the rest of
20:32the market, we can see that elsewhere,
20:34too. Right? Some of some charts don't
20:36look very good. like some coins have
20:37been demolished throughout the market.
20:39Litecoin's done very well. Litecoin is
20:40also in one of the percentage draw down
20:42categories being in the top 20
20:44shallowest draw downs from the top 100
20:46by market cap. So, it's held up very
20:48well and I think you can see why. I
20:49think it's likely a woff accumulation
20:52and it's been a meme, too. Like I
20:54remember it being here in 2017. I
20:57remember Litecoin being 50 to $55. And I
21:00remember being here, oh my gosh, it's
21:02been 50 to $55 for forever. Who would
21:04have thought we'd see it again and again
21:06and again and again and again? So, it's
21:09nine years, right? And of course, it's
21:11just looked at at this point and kind of
21:12given up on by the crowd, similar to how
21:14Zcash was, right? Like people hated it.
21:17Like, nobody cares about Litecoin
21:18anymore. But you know what happens,
21:20right? The crowd doesn't care until the
21:21price is way higher. Similarly to Zcash.
21:24It was the I got clowned on on that coin
21:26more than any coin I've been clowned on
21:27in the history of my life. Uh and then
21:29now look at it like everybody and their
21:31grandma owns Zcash. So, I just wouldn't
21:33be surprised to see the same kind of
21:34thing over here with Litecoin, which is
21:36very similar when it comes to like the
21:37privacy stuff. And I'm not here to pitch
21:39Litecoin to you because I just don't
21:40care. Uh I'm not some like Litecoin maxi
21:42that it's going to change the world or
21:44anything. And it doesn't represent a
21:45huge part of my portfolio. It's 2.5% of
21:47my portfolio. I have a lot of lot a lot
21:49of altcoins. As crazy as it may sound,
21:52altcoins still do make up 80% of my
21:55cryptocurrency portfolio. Bitcoin's 20%.
21:58But I thought these were fascinating
22:00things to show you because this is
22:01likely not a product of Litecoin but a
22:04product of what the whole market has
22:05been doing for years now and that things
22:08like near are you know recovering very
22:10well right like here's October 10th back
22:12in here right and here's unis swap right
22:14like here's October 10th right back here
22:17right recoveries are happening this is a
22:19change of market dynamic happening in
22:21here and I get it I'm showing the rock
22:23stars in here you have plenty of stuff
22:25that has not come close to October 10th
22:27I mean you got Adam right here. Avac is
22:29still well below that October 10th.
22:31Hideera Hashgraph well below Polka Dot.
22:34There's October 10th, right? So, I'm not
22:36trying to paint a picture that this
22:38whole market is rampaging and going back
22:39above October 10th. But what is very
22:41obvious is that some coins are doing
22:43very well and a dynamic is shifting in
22:45here, right, of accumulation bouncing
22:47off of a floor. you know, we had to
22:49tough it out during the the tough times,
22:51but we were very data oriented and, you
22:53know, studied the onchain, studied the
22:54technicals, everything that said here's
22:56what you're betting against if you don't
22:58think it's the bottom. Here's all the
23:00stuff you're betting against if you
23:01don't think it's the bottom. And now
23:02we're just kind of reaping the rewards.
23:04We're seeing the market start to recover
23:05and confirm all the confirmations we've
23:07already seen, right? To see some of
23:08these altcoins really ricocheting back
23:10up, exceeding October 10th or producing
23:13these accumulation schematics that look
23:14like spring is in, you know, trying to
23:16work on a sign of strength phase in the
23:17market. It's all very exciting. It's all
23:19great. And it's like, you know, still
23:20just a reiteration of showing, you know,
23:23breadth and how we can study how the
23:25whole market is behaving together. And
23:27that it's not some isolated chamber of
23:29one coin does this, another coin does
23:30that. We see it throughout the whole
23:32market, right? We we showed this back in
23:34August. Hey, look, the breadth has
23:36finally arrived. It's finally woken up.
23:38That's what symbolizes the bottom is
23:40happening in here. And so it's no
23:42surprise to see these types of things
23:43happening in a market when we went
23:45through this just prolonged period of no
23:48breadth and then finally when it arrives
23:51that has marked the bottom is in right
23:53and like these you know this is
23:54obviously Bitcoin this is from back in
23:572015 just the same stuff selling climax
23:59secondary test secondary test and phase
24:01B spring and then recovery and these are
24:03these types of things that we see here
24:05in this market as well right that's kind
24:07of give you an example in there of what
24:09a spring looks like with the secondary
24:10low, right? The crashing structure.
24:12That's what you have throughout all this
24:14stuff, too. So, market looks good. It's
24:16just likely going to take some time to
24:18work its way out. We're seeing some
24:19stuff recover much faster than others.
24:21That's very typical. I want to make sure
24:23that I'm setting the stage in the
24:25picture in here of that. Again, it's
24:28still just confirming the bottom is
24:30behind us. We're seeing the market
24:31rampage. We're likely going to have a
24:34nice range build at some point.
24:37sentiment will deteriorate at that
24:39point. And I'm not calling for that
24:40sentiment deterioration to start today
24:42or even next week. But to set like those
24:44time expectations on being like, hey,
24:46usually this is like you this takes
24:47several months to play out in here.
24:50Don't get too caught up into that into
24:52today or next week. That's not the way I
24:54look at it. And that's not the way I'm
24:56presenting things or thinking about the
24:58market. I'm in long-term holds. I'm not
25:00day trading any of this stuff. I'm just
25:02holding on for dear life. And that's my
25:04strategy. You do whatever you want. But
25:06when I present stuff, you know, I'm
25:07presenting it from the idea that I'm
25:09going to be holding for a while and and
25:10I'm fully prepared to have to hold
25:12through a range before it can finally
25:14break out, even if it's a multi-month
25:15range, right? We don't have any elements
25:17in here saying we're like rampaging in
25:19an alt season yet. We're still just rain
25:21bound of where we have on the Bitcoin
25:22dominance for me. Like, I'm looking for
25:24a massive move and that's where I'm
25:26going to be like, that's it. I'm pulling
25:27the plug. Um, and it's probably a long
25:29process to get there. And what we can
25:31just see in here is this is not symbolic
25:34of an actual alt season happening. This
25:37is symbolic of a repricing happening for
25:39the whole market because there's no
25:41deviation between the altcoin market and
25:43between Bitcoin. So that's our context.
25:45A ricochet off the low, a repricing of
25:47the entire market. Not an expansionary
25:50alt season. We still have to work to get
25:52to that. It's likely going to take that
25:55phase for us to be able to get there.
25:57not this phase in here that we're likely
25:59going to have to get up here before an
26:01alt season kicks off and likely here
26:03also on the IGV with a major catchup
26:05happening between macro markets. But it
26:07I don't want to put a wet blanket on it
26:09and say it's not exciting to see the
26:10market, you know, recover. It's
26:12exciting. It feels good. It should feel
26:14good for everybody. We're just going to
26:15have a long process to get there. But
26:17I'm very happy that we get to have at
26:19least some positive price action for
26:21now. uh and a lot of relief because I
26:23even talked about it, you know, when we
26:25were down in here saying it was
26:26difficult for me to be able to relate um
26:29with, you know, a lot of the depression
26:31in the market at that time because we
26:33handled the bare market so well here.
26:35Um, but I had enough experience in the
26:37market to know that every single metric
26:40uh onchain and technical matches of what
26:43we were like after FTX and everything
26:45matches onchain and technicals of what
26:49it was like down here in 2018 after we
26:52capitulated and into early 2019. And I
26:54had my own emotional log of what it was
26:56like to be down in there. And so while I
26:58couldn't relate in this moment here
27:00because you know we finally played one
27:01so incredibly well, I had to acknowledge
27:04it and say there's probably a lot of
27:05people who feel like that right now. And
27:07so I do know also that that relief
27:10should be there for everybody here. And
27:13so hopefully that is you or at least for
27:15somebody who was feeling kind of downs
27:17in the dumps and had to kind of trust
27:18the process of going through all of this
27:20stuff. Hopefully you're feeling a little
27:21bit better right now. I I do think, you
27:24know, in the coming months and year,
27:25we'll all be holding hands, singing
27:26kumbayan. You know, we'll get there. So,
27:29as we close out yet another positive
27:31week, which we wanted to see, right? We
27:33didn't just want to see the 50we moving
27:34average get broken and then fall right
27:36back through it right away. We see a
27:37continuation happening after we've
27:39gotten through that 50WE. That's great.
27:41You know, in the coming weeks, it'll be
27:42about, you know, where is this range top
27:44going to start trying to build itself
27:46out at? It's going to be difficult to
27:47try to pinpoint that until something
27:49very clear shows up. if it does. Um,
27:51otherwise, this is all just part of the
27:52normal process of climbing its way back
27:54up and things are looking fantastic. So,
27:56I hope that you guys have a fantastic
27:58weekend. We'll check in on everything
28:00again next week as we always do. And in
28:02the meantime, hopefully you're just
28:04feeling a sigh of relief and this
28:05weekend will feel a lot less heavy, you
28:08know, for a lot for a lot of people who
28:10watch this channel. I'm hoping that we
28:11we navigated that bare market so well
28:13and got that bottom so well that you
28:16didn't really get that um that really
28:18heavy feeling put on you. But if you did
28:20have that hopefully that's starting to
28:22subside and of course people who you
28:23know played the thing right and and
28:25bought the bottom I'm sure you're
28:26feeling on cloud9. So all right that's
28:28going to be it for this one. You guys
28:30have a fantastic weekend. Throughout the
28:31weekend of course check out my
28:32newsletter over here at
28:33blockchainbacker.substack.com.
28:35I put out two of these every month and
28:37then when I'm done putting them together
28:39I do audio record all of them. This one
28:41has a 48 minute audio recording where I
28:43read it to you and I go through some of
28:45the charts. This is available over here
28:47at blockchainbacker.substack.com
28:49and this most recent one is the shift is
28:51already happening. This of course is us
28:53prior to breaking the 50we moving
28:55average talking about the altcoin
28:57leaders that are emerging memecoin
28:59signaling risk appetite and the market
29:01weights on Bitcoin and history shows
29:02what starts in alt season. Right? And so
29:04that's why we keep kind of talking
29:05about, hey, is this alt season? Is it
29:07not alt season? Is this a repricing?
29:09Going into the details of those types of
29:10things as well. You also get access to
29:12all the past newsletters as well if you
29:14sign up here, which I've been writing
29:16this newsletter for almost four years.
29:18So what is that? 48 months about times
29:21two. You know, we're getting pretty
29:22close to almost 100, a little bit over
29:2490 it sounds like. And but you know, the
29:26most recent ones, we really dove into a
29:27lot of those altcoin analytics if you
29:29want to see that over the last couple of
29:30months. So that's available here at
29:32blockchainbacker.substack.com.
29:33substack.com. There's a link down here
29:35in the description of this video to the
29:36newsletter at
29:37blockchainbacker.substack.com
29:39or you can just go directly within your
29:41browser. Otherwise, guys, that's going
29:43to be it for this one. Thank you so much
29:44for watching. If you could please like
29:47this video and give it a thumbs up. If
29:49you're new to the channel, please
29:50subscribe and hit the notification bell
29:52so you can be notified of when I create
29:54new content and when I go live. As
29:56always, this is not investment advice
29:58and I am not a financial adviser. But if
30:00you ever need a pickme up or a little
30:03bit of reassurance, just remember that
30:05the blockchain backers got your back.
30:08Have a good one.

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