Ethereum To Hit $4,000 By May?

My guest today is James Butterfill, Head Of Research at CoinShares. We are going to discuss the potential Ethereum spot ETF, and its impact on the price of Ether, as well as some latest research insights for 2024. In the second part I will be joined by Chris Inks for some of his top trades.

James Butterfill: https://twitter.com/jbutterfill
Chris Inks: https://twitter.com/TXWestCapital

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#Bitcoin #Crypto #ethereum

Timestamps:
0:00 Intro
1:17 Airdrops on Solana
3:10 Ethereum to $4,000
7:40 ETF cash flows
11:30 Rate cuts
14:00 Miners
16:40 Bitcoin price post halving
20:50 Bitcoin chart
25:30 Solana
28:40 Optimism
30:40 Chainlink
33:15 Wrap up

The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.

Standard Chartered our favorite Institution for hyperbolic price predictions on crypto assets says that ethereum is going to $4,000 by may there’s a good reason for this actually I think it could personally go higher but I’m curious to hear what today’s guest James butterfill has to say about that also to dig really

Deeply into what’s happening with inflows and outflows to both ETF and other crypto projects and maybe to have two Boomers try to figure out what the hell uh aot of airdrop is we might even talk about that since today is the Jupiter airdrop the biggest day in the

History of crypto that no person over the age of 40 has any idea about we’ve also got Texas West capital of course on the back end to share his thoughts on the market charts and trades this will be another epic day guys let’s Go what is up everybody I’m Scott mker also known as The Wolf of all streets before we get started please subscribe to the channel and hit that like button on a bit of a shorter time frame today gonna bring James on right now Jupiter airdrop

Man it’s got to be the main thing on your radar right now right I mean the most important thing that’s ever happened in the history of crypto more important than Bitcoin spot ETFs or Larry fin it’s the Jupiter air drop on salana what do people do air drops is to

Kind of encourage people to use the network more and I I think the issue I have with salana is that there are lots of aird drops in salana and and and then people sort of look at the usage statistics and trading volumes and think oh okay salana is being used a lot but

People tend sort of dip in and out of salana when these airdrops come along does it really mean fundamentally it’s a great crypto asset I’m still skeptical so that means that when we see Dex volumes are higher than ethereum or volume and transactions are higher than ethereum that that might not be the

Entire story yeah I think you have to look at the substance behind it um and if it is just aird drops and people dipping in and out is that really uh like a sort of decent use of of of the network I’m just slightly skeptical about that because they’re all just kind

Of temporary phenomenon really yeah I was looking at it this morning and I I literally tweeted something to the effective I want to start a show that’s like Boomer yells at crypto or explain crypto to Boomer or web 3 for Boomers or something so that I could just bring on

People who actually understand this stuff and try to convince me it’s real I was on Spaces yesterday I said we hate helicopter money and money printing but we certainly love a good airdrop in crypto I was they explained to me that it was a transfer of value from the

Project to the audience but I’m still a skeptic of the air drops just like you are let whatever we don’t need to talk about it any further I had to mention it because it’s the biggest story of the day I still think that ethereum is a fundamentally strong and trailing and

I’m not the only one obviously the the lead story here ethereum ETF approval expected in May Standard Chartered predicts Standard Charter loves to make a big prediction they’re basically saying May 23rd is the last day that the agency can consider ethereum spot ETF applications from vanc and Arc 21 shares

Making it the equivalent to January 10th basically for the Bitcoin spot ETFs and take the road map of what Bitcoin did in the months leading up to a uh rumored approval ethereum should do the same thing I mean what are your thoughts here uh stanard charted also said that they

Wasn’t it like 100,000 inflows into Bitcoin this year um if you extrapolate that according to my model that would put the Bitcoin price well over 500,000 and it would be 10 times the inflows we’ve seen in any other year the best being 2021 at 1010 billion do so I think

It’s not realistic but I’m actually with him here on ethereum i i i and that actually goes to kind of the point about airdrops and yield for instance you know how do cryptocurrencies is deliver yield they print more of that cryptocurrency to give it to you so theoretically

You’re being diluted and the very interesting thing about ethereum is it’s it has the burn mechanism and on a net issuance basis actually it’s its net issurance is negative so it’s a bit like a share buyback if you’re an equity investor and I think that’s really

Compelling and in fact it is the only cryptocurrency that has a negative net ISS as far as I’m where that’s of meaningful size um and at roughly a 4% yield that’s really quite attractive it’s like you’re buying you know Ben if you look at Tech stock when when tech

Stocks tend to have when they’re in growth mode they tend to have very low yield and so this is a high growth stock but also with a high yield it’s quite compelling in my view and so you know I’ve not put out any price forecasts at

4,000 or anything like that but I could see particularly coming up to the ETF launch how the price could rally further and we got a taste for that when the Bitcoin ETF was launched we saw actually ethereum rally more than Bitcoin that was surprising to me and

What I enjoyed was we got the preview of that happening the day before when we got the fake SEC tweet literally the second that the fake SEC tweet came out the ethereum Bitcoin pair went absolutely parabolic temporarily and then we saw the same thing happen again on the announcement does that mean that

That’s simply the Traders in this community saying oh that narrative is done Bitcoin spotty tests are approved let’s go on to the next narrative I mean as simple as that yeah perhaps a little bit um I do think we should be a little bit cautious about may I know everyone’s

Estimating they’re going to use guesstimating May the 10th but don’t forget September was the date for Bitcoin and everyone felt that um the Bitcoin ETF would be launched in in September and it wasn’t I think they have a 27 8 day consultation period which suggests actually sometime in

Q3 uh they would approve it and are our sort of product uh legal guy at coin shares is is adamant that it’s actually going to be then and he’s got a pretty good track record for that so there may be a bit of a disappointment uh amongst

Investors if we see the price really rally up till the May the 10th and then it doesn’t happen that doesn’t change the fundamental story for ethereum I just think it will lead to price volatility yeah listen I I’m I feel like uh maybe you’re joining me but I’m one

Of the last eth Bulls alive and that makes me feel from a price perspective I agree all with all that fundamentally I just think it’s trailing but that actually makes me feel very very comfortable about my position yeah this Market in this market I want to be uh

Against the the massive crowd that’s telling me how dead it is and it’s never going to go up again and there’ll never be another ethereum bull market yeah I mean e ethereum last year was very much the unloved asset from a fun flows perspective only seeing around 7 million

Of inflows whereas salana I think saw 170 so way more despite its much much smaller in size and this year so far actually um ethereum is ahead of salana in terms of fund flows so maybe investors are starting to change their viewpoint on some ethereum that’s a

Perfect segue for me to talk about Flows In general obviously you put out a weekly report at coin shares uh digital asset fund flows weekly report uh this is from two days ago us 500 million outflows last week grayscale outflows are subsiding though so we’ve covered in

Depth the gbtc sell off and the flows into and out of different ETF and products but you’re watching everything right you’re not just watching these ETFs which we keep reporting on you’re watching everything that existed before these ETFs basically anything that institutions are invested in any sort of

Funding crypto so what are we seeing in general is this massive flows out of everything into ETFs or is this net outflows what do these numbers mean yeah there you know there was people don’t people thought that as soon as ETFs were launched that there’ be loads of buying

And in fact on a net basis there are positive inflows in the United States of about $1.2 billion doar now just over the last couple of days there were $790 Million worth of inflows into Fidelity and ey shares together combined um versus only $400 million of outflows from

Uh grayscale and actually what we’re seeing is the outflows are slowly dwindling from grayscale whereas they seem to be accelerating a little bit in these the new issuers so I think that’s a really positive story but everyone thought okay well net issuance is positive why isn’t there uh why isn’t it

Having a positive effect on the price and for me a lot of people buy were were SE who seeded Bitcoin were buying Bitcoin prior to the event so actually what happened was just a change of cash on The Ledger and nothing nothing nothing else um so no actual Bitcoin

Buying but a lot of grayscale selling but more broadly across the world particularly in Europe we did see selling out as some investors shifted back to the United States some of those International us-based investors uh mve their money back to United States so there were some minor outflows last week

Uh in com combination with grayscale but this week in particular it’s um there the outflows in Europe have stopped and we’re on a net $430 million inflow this week so far so it’s only Wednesday and you’ve almost uh xed out the outflows from last week I mean I think rationally

Hindsight’s 2020 but all this makes sense right that trade ended people wound down the trade open interest on Futures wound down gbtc outflows so it’s just a matter of when that you know flow becomes a trickle and stops and demand hasn’t really shift and demand hasn’t

Really waned so yeah we know from track record that um Black Rock have a a track history a track record of when they launch an ETF they tend to see they don’t sort of put all the seed in in one go they tend to drip feed that seed over

The course of a month two weeks in so we could continue to see that seed drip feed in that might not necessarily have the impact we expect on price because it potentially is already bought um but I do think there’s starting to be sort of more signs of organic growth or organ

Demand now not just a seed into these new ETFs yeah you guys can see this is the article uh Bitcoin and Fidelity spot Bitcoin ETFs close in on grayscale and daily trading volume you alluded to this throughout the day yesterday actually all the ETF experts were tracking this

And saying this was going to be the first day that there were higher inflows and that g or that there would be higher volume on either black rock or Fidelity or combined than gbtc and then the day ended up closing with gbtc slightly higher but as you can I mean as you said

These are ships passing in the wind but higher flows that’s the important thing yeah I actually I didn’t realize that so so volume was higher on Gray scale but flows were higher you’re saying on Black Rock and fality effect yeah I I think the Market’s going to get

Bored of the ETF stuff soon it is um and uh I they’re GNA start talking about the harving more and actually more about interest rates so we’ve got obviously FC tonight um no rate hike expected but everyone’s looking for indications on March rate cut uh I said rate hikes i m

Rate cuts and and now the consensus is for a May rate cut March is not happening there’s a huge inverse correlation between the Futures rate expectations the implied rate for March and Bitcoin prices they they’re 90% correlated at the moment and they weren’t late last year because I think

The ETF narrative was driving price not interest rate expectations and I think the markets are beginning to recouple uh with interest rate expectations which kind of makes sense it’s it’s an emerging store of value competing with treasuries for instance I don’t think they’re going to cut anytime soon personally I know that

I’m on the uh I think I mean that’s what the predictive markets say but when have they been right but yeah maybe I don’t know seems like uh why would why would you cut if everything so good I don’t know cut they adting that something broken I think in 2021 they were talking

About transitory inflation and I’m clearly wrong and they acknowledge well I say they acknowledge that they they at least understand that implicitly that they were wrong and there is a belief amongst some economists that because they’re so aware of being wrong when inflation was Rising they’re likely to

Be more proactive and cut earlier than people expected and that could be March I’m not in that camp but I can sympathize with that view I think the FED has a treack record of knee- jerking on the way up are waiting too late and then waiting

Too late on the way down with inflation too so so get ahead of it for Optics great but we all know that after the uh pivot that’s when the pain cometh historically so you know that’s why I think they delay it till October November and then the market crashes two

Days after the election or something once the election’s out of the way then they can uh you know pull the rug and and let it all fall through but maybe that’s my uh pessimistic tinfoil hat American Centric view on on the situation but I I think in crypto in

General you’re right we’re now going to be talking about macro a lot more again now that the ETF trade is done I think maybe we’ll rotate to ethereum but the the big narrative inevitably now is going to be the having right yeah you have you have your mining report the

Having and its impact on hash rate and minor cost structures I think we all superficially understand at the core why the having matters it’s really you know basic uh supply and demand Dynamics but what does this mean for miners are they better prepared for it this time they

Were not in the past uh you know what do this some are and some aren’t so we actually spoke to all the different miners all their Senior Management and um uh they’re taking different approaches some are saying I’m loading up with new hardware now and in in

Preparation for the price to rise and I’m taking on greater debt as a consequence and I think marathon is a good example it has the largest share of U mining production now um and if the price really Rises it’s it’s because it’s got such a dominant position it

Could really benefit from that and it also has a lot of big bit coin Holdings uh others are being a bit more cautious they’re saying look I’ve got a cash pile I’m going to wait until after the Haring see what happens and then buy Hardware then um and there are others like Argo

Blockchain and stronghold which have um a 65,000 per Bitcoin average cost of production and a 55 so well above current prices so things are already hurting for them and the harving is going to make things particularly Grim for them um I mean historically does the having always wash out even some of the

L larger miners or is it are we in a different situation now because we have so many publicly traded Miners and so many large sort of conglomerates that we didn’t have before it depends how much runway they have so how much cash or Bitcoin do they have sitting on the

Sidelines to just kind of cover over the loss um until the price and they hope that the price Rises um so you know if the price doesn’t rise after the harving then you know blockchain will run out of Runway by June by and to have that

Runway they have to sell right and we also saw pretty significant minor selling yeah after the ETF correct if if I’m not wrong so is that in advance of the having are they were they taking advantage of that little sort of price move to the upside to get some Runway

And profit as you’re kind of talking about to prepare for the having why why are miners selling now and seems the narrative yeah I mean there are there are I’d say about 30% if the price didn’t move would have to start selling Bitcoin after the half the average cost

Production I think is around 37,000 so for most it’s it’s okay that’s for the average cost of production for the miners to break most is okay at current prices but yeah I mean I I I just think what will happen is that hash pile will stay online it would just be you know

Some of the high the higher endend cost production companies will just cease to exist and the hash power will be immediately acquired by some of the others who’ve got a lot of cash sitting on the sidelines like Marathon like clean spark like ter wolf like Corman which is smaller company yeah and people

Seem to forget that price doesn’t just go up at the having right usually it actually takes six or seven months we have a really boring choppy gross price action summer and then in the fall all of a sudden prices start to rise so is it is that a result of this sort of

Forced minor selling to Sur survive after the having before prices go up because you don’t go straight to an alltime high in May right so they they have to be prepared for it not to go up so we’ve got we’ve got three halings in

History to look at and to kind of if you just look on a very simple level yes prices rise quite a lot post harving six months after harving which is then you could say well history tells me that that’s going to happen again and I actually think um Bitcoin markets

Becoming much more mature now and start to price in events before they actually occur the haring’s perfectly known information information you know roughly on the 23rd of April or 22nd of April the harving will occur so why aren’t they pricing that now and if you actually take 2020 as an example we had

Covid at that point and then the US dumped a load of stimulus checks on people and they were buying Bitcoin in the US what drove the price was it stimus checks or what Bitcoin or was it the Haring and that’s debatable so I I would act with a little bit of caution

On that I think there’s plenty of other fundamental price drivers to look at like um monetary policy for instance um like the US banking system weakness US debt other things ever Grand problems in China for instance those kind of things I think uh more we should be looking at

For the Bitcoin price Rises I’ve seen some pretty compelling charts and ideas R Paul has been championing this that we’re just in a four-year liquidity cycle and having happens to line up yeah everything in the macro has there’s a fouryear cycle in macro too that’s much more powerful than the having and

That’s what we’re not noticing exactly we had that liquidity cycle in 2020 as well it’s just kind of happen stance it will get a huge amount of media attention the halfing um I hope and we’ll see you know we wrote The Mining sorry that might be bad yeah I mean we

Wrote The Mining report because so many people were saying what is going to happen to Miners and hopefully on our blog blog. coin shars.com you can see that can help you get a better idea of what could happen yeah I love I love reading it uh I think in the last having

Cycle everything went up because the United States Air uh United States government air dropped Jupe and that that was the reason right we’re not going to aird drop dollars anymore we’re not going to print stimulus we’re just going to airdrop uh crypto coins on salana in the future pump the

Market I’m curious to see what’s going to happen with salana today to be quite honest I think uh we’re going to see a hell of a lot more of these sort of uh I don’t know what to call it uh these techniques to uh increase liquidity so

It’s going to be interesting you know I think that most people are going to sell off their uh massive free money that they just got and then it probably goes way higher in like five or six days that’s usually I think arbitrum and optimism far more interesting there if

You look at the tvl growth um it looks way more compelling than it does in in salano my well next time you’re on next time you’re on we’re going to talk about and dig deeper got to run thank you guys everybody you can follow uh James right down below in the description and

Obviously as he mentioned the coin shares blog is really great I showed you about three things from it today but uh really incredible research if you want to stay on top of what’s actually happening in this market so thank you James for that uh all your research and writing and and for coming

On Thanks James all right guys uh James Butterfield always a pleasure to have him on he’s on space with us all the time too uh it’s nice when you have someone who can actually show you you know some data and research behind their ideas as opposed to uh trust me bro

Which I think has been the uh consistent uh way that we get information in crypto and now obviously it’s time to talk about the charts and to see what we could could not maybe maybe not might could want to trade on a day like this man I was all excited yesterday Bitcoin

Was up above the daily 50 ma that I saw bearish Divergence on the 4H hour charts notic that but you know five waves up three waves pull back five waves again it is what it is um yeah you know I mean we got the pullback I’ve been saying

That if we drop below you know below kind of this daily pivot that our in that we would probably drop below the range low and initial Target would be that daily S1 pivot um and so that’s basically where we bounced there so um we bounced in we had a nice pin bar on

That support it was also the EQ here of that large range that we’ve had since that bare Market low um and then uh you know again we had all this um as I put here volume dropped off on the breakdown below range support price found support

On The Daily S1 pivot no follow through lower indicates that the Market’s not interested in selling off hence we got an impulsive break out back into the range and then need to break out above the daily pivot and I said that back when we were down here uh we got the

Nice big candle we had some volume come in on that which what we want to see on a breakout came back retested rally up now we just pulled back to the range EQ so I mean to me it looks like um again this is three waves down it looks like to me a

Wxy and so I think we’re heading up there toward that 56 57,000 to get this wave five of three that I still have there are other counts um that I’ve said before um people have like a one two three four five here and then this is

Two as a flat ah possible but until this one two one2 uh doesn’t you know doesn’t keep working I’m just going to keep following that um by the way if it is this other one this one two here the wave the wave three Target would be like around 70 74

76,000 somewhere up there minimum expected so yeah I mean uh you know everybody freaking out Bitcoin moves like you know 5% and all of a sudden everybody’s like oh my God it’s the end of the world chicken little running around with the head cut off it’s kind of crazy right

Fun to watch though yeah but um but yes I think it still looks good I think we’re still looking good um let me see here if we zoom out to you see the three days just now Stoke RSI is just now breaking out RSI finding

Support on on the EQ there uh and then if we jump to the weekly you can see the weekly is now resetting down and oversold in The Stoke RSI there most telling thing for me everything else aside I I keep talking about this I don’t know how many people are paying

Attention came inside which between the R1 and the pivot if we pull back lower down here I expect the pivot to hold if it holds and price starts rallying back up we get the breakout above the swing High here you’re going to see us rallying at least through the R5 I’ve

Said that multiple times I’ll continue to say that it’s just a specific way that price action tends to work out with pivots so um you can just kind of if if you’re doing the longer term hold thing you can just kind of forget all the other little daily movements anyway you

Should be get off the 15-minute charts guys if you’re going to tell me you’re holding for for the next year or so and then you talk about a 15minute chart I’m gonna throw something at you seriously um so yeah so I I think you know I think we’re good I honestly do uh

There’s a you know yeah we flipped that support resistance area there so yeah what I was just mentioning before you this is the daily 50 Ma so I would I mean listen this candle literally if it goes up $200 or $300 we’re going to be talking about

It holding the 50 ma support as opposed to losing it so right now just a test and then you know it always does make me cautious at least temporarily we had the bullish Divergence at 38,600 with oversold RSI now we have overbought RSI and bearish Divergence

But right back down I mean this $1,000 retrace gave us a full you know 50% reset on RSI and we’re about to print hidden bullish Divergence if we get any kind of elbow up here so less concerned to me this just says I don’t know if you

Agree but when you see it like this and price doesn’t move that hard that it might just be a signal that we’re going to be chopping being sideways and uh people are going be very annoyed yeah there’s a good chance of that um L on the low time frame I’m certainly

I’m not talking yeah yeah yeah Pro probably on a low time frame if that worst case scenario um I I I just I I think the Bottom’s in there I think that is I think the Bottom’s in for sure good there so I think we’re just looking for

Reasons to go along right which is well it shouldn’t break down that’s right you got salana there I can see it and that’s going to be the narrative today I don’t know if yeah you’re a boomer like me and probably don’t know about air drops and stuff what you talking about Boomer my

Dad’s a boomer I’m Gen X man what you talking about but I mean like crypto Boomer are you are you farming are you farming Jupe there it is or whatever they call this thing I am I’m not farming much of anything man but yeah no this is that same chart

That I’ve been you know bringing up here since whatever this was this 2022 um when I was talking about the low likely being a good place to buy there just been putting this together um this chart I posted on on on my Twitter if anybody’s following on that a comparison

Of price action between Saul and U and Bitcoin and it’s basically the same thing here um that we’re seeing I mean you can overlay it you got the same multi-month kind of sideways uh pull back and and rally back up uh we did the same thing here you know we broke out

Never came back and retested oh excuse me hiccups here um never actually retested uh that big range uh kind of the same thing you know that that we have on uh on Bitcoin here and so you know there we go we’re just kind of doing some sideways and uh we broke out

Here of this descending wedge it looks like it’s three waves to me um and so I’m looking for wave five five of three here up there around 170 so um there we go I yeah yeah I want to see a break uh breakout here above what is this

10732 if we can do that that’s going to add confidence to my count that’s my uh second wave pullback there and so um yeah if we can pop we’re almost there we’re almost there with this I was just shy about a dollar shy

So if we can get a pop out above that I think we should be good to go up there and uh you know uh people can keep being upset about salana and whatever and you know everybody’s got their Nar they didn’t get in so oh it’s the institutional stuff and they’re

They’re DCS yeah it they got us yeah this was how I was looking at it like last week and I I bought here Lally on the show I was trying to buy more in this range but kind of like below this little demand is where I would put a

Stop you know I call it like this and these are my two Targets right back to 126 and you’re a little more I guess bullish and 150 that that’s shortterm those are my two like trade Targets on this that sort of change that uh and I

And I have a you know long-term bag I would hold 25 to 30% of this all the way if we get past that oh yeah and and for anybody watching you know if you’ve got a um like like a wedge break breakout like that quick easy targets always

Beginning of the wedge this top area up here I mean you’re you’re all but guaranteed you know as long as that wedge is legit you’re all but guaranteed to at least get there and you’ll probably break out higher but I mean it takes no thought process at all

Whatsoever get the break out of the wedge 80 it’s it’s a 50% move right 80 bucks to 125 it’s a that’s to me that’s a really really good trade not like back in the day when you told me to take profit at 3% every time hey you got you

Gotta learn somewhere right you got to get to it somewhere so yeah I think salana I think salana continues to look good um I I think we’re just getting kind of going with that again it really is mimicking uh Bitcoin really well through this whole kind of rally uh I’ve got op here

I know everybody’s hopp for this for a while and then they kind of shut up and uh here we go now again right so I think you know we’ve got this 382 pullback I think this looks like we may be done here um I’m going to break break out

Here above what is this $367 or so if we can do that it’s going to add confidence to my account here and I’ve got a wave five of one of this larger one two three right there at $582 so right now we’re about $3 it’s almost 100% move uh from where we’re currently

Sitting I think we pull back a little bit more here um and then uh look for that breakout so I mean if you want to get in sooner the earliest I’d probably get in sooner unless you’re really good at Trad you understand how to get in uh

Would be looking for a breakout back above um this uh this pivot area right here was it around $317 that would be the earliest definitely want the breakout above $367 but you know again $582 C Target and then a pullback and then off to the races for that big wave three as we

Start getting into probably more of the blowoff top kind of thing I haven’t been watching op but I need to it’s literally been on my like you should watch this list and and I forget but the you know you need a list that says hey you need

To be watching your you should watch this list yeah well I just need to go like set some alarms you it’s what I usually do I like at least go look at the chart figure out an area I’m interested in and then move on with my

Life until it hits but it’s funny I’m I’m looking at my op chart and if I had set an alarm last time someone asked me to look at it I would have caught the dead ass bottom that would have been a nice rally up man yeah nice uh that would have been

89 cents 90 cents so yeah that would have been a nice place for me to have gone ahead and set an alarm for a tap of that zone and uh I moved on with my life and didn’t so there you go you moved on with your life

Anyway I’m still still moving on at this very moment so we’ll live finally we’ve got link here uh again another one that I was uh you know I’m still excited about you know again that’s the one that we were doing the sideways here and I was talking for the longest time uh

About how this was looking like a cumulation how we would get a dip here four and a half $5 would be where you’d want to buy and uh you know we did did the rally back up it looks like three and four may be done here looks like we

Got a one two so if we can break out higher here wave five locally here should have a target of around $258 um if we do if we do get a rejection at that area let me see here I have 27 so yeah it could overextend up there

A bit more yeah I mean that area that area but that it’s an area if I really look at um and then you know that that would get you back here probably you know $11 or so if you can do 27 uh that’d probably get us back here

Closer to about 11 and a half almost um so yeah you know if we can get this breakout here that’s kind of where I’m looking with that and then like I said you get a little bit of a move up and then you get your pullback and then once

Again you get in that wave three but that’s just local here you know we’ve got this big one two that we’re actually in here so I’ve got this uh yeah Big Mac consolidation that the consolidation is a bit the consolidation itself is a bit strange I was looking at sort of as

Maybe it was forming a diamond but I don’t think so yeah no it doesn’t look like it looks like we just get this H bit of a deviation out and deviation back to the bottom kind like what Bitcoin just did really you got the higher high and then the higher high and

Then the lower low say I think we got Bitcoin here higher high higher high higher low or lower low I’m sorry and then um look for that move out so it looks to me like a lot of these U major uh you know the ones that have a lot of attention on

Them these alts are probably uh you know if bitcoin’s rally up they’re probably going to Rally up with it it looks like they’re all kind of doing the whole same fourth wve pullback thing right now yeah the only reason I was looking at link like I think link you just traded above

This this zone right here right such an obvious uh resistance you know break above 18 bucks but like my eye does get drawn to this and like I said it’s not really a thing but you know whenever I see that kind of high Wick and the low

Wick after it I just start to think you know Diamond but uh whatever I doubt it’ll actually happen you know for anyone watching we’ll see doesn’t matter doesn’t matter until it happens so it’s literally right unless the other side of it forms but yeah just just kind of

Watching that all right man I told Chris today that I had to end a little bit early I got a personal commitment I need to be somewhere in 25 minutes so today is a bit shorter you can follow Chris TX West capital of course as always um and

I got to run so guys thank you so much I appreciate uh you guys showing up great guest as usual we will be back tomorrow thanks Chris thank you everybody peace Guys