Link Jumps 40% – When Will Bitcoin Skyrocket?

Bitcoin ETFs are breaking new records almost every day, but why it does not affect the price of the underlying asset – Bitcoin? At the same time, Chainlink is up 40%, becoming a silent champion of the crypto market. I am talking to Matt Hougan from Bitwise and Chris Inks from TexasWestCapital about the latest developments in crypto – please tune in at 9 am EST!

Matt Hougan: https://twitter.com/Matt_Hougan
Chris Inks: https://twitter.com/TXWestCapital

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#Bitcoin #Crypto #chainlink

Timestamps:
0:00 Intro
1:00 Chainlink is up! Why?
3:36 The next driver
6:00 Ethereum ETF!
11:00 Why does the Bitcoin price not change?
15:30 When will we see the new money in crypto
18:55 20,000 calls
22:30 How Bitwise is educating investors about crypto
27:20 Chainlink chart
31:30 Bitcoin chart
36:15 AstraZeneka chart
40:20 Metis chart
42:00 Rune
43:07 MOVR

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.

Outflows from gbtc have slowed to a trickle and inflows are now larger than outflows into the other products why aren’t we seeing price go up we are in one of those boring and needed narrative parts of the market that seemingly makes people lose their minds but link is up

40% I’m gonna ask Matt why and then he’s going to say Scott why because uh he doesn’t know the answer neither do I just didn’t want to spoil the title but it is up 40% I’ve got Matt Hogan from bitwise and of course Texas West capital

On the back end we’re going to take a look at the markets all the news and of course talk about what’s happening with the ETFs and what the next narratives are to get this Market moving let’s go Let’s 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 going to go ahead and just bring on Matt so that he can tell us why link is up so high what what do your

Market analysis say Matt it’s right there in the title yeah I think it’s it’s more people buying than selling I think is driving the price up uh that’s why I get the big bucks yeah I don’t know we we did an internal report on it

And uh we came up with very little so I you can tell me yeah same we I again I’m going to just ask Chris to look at the chart later but it seems that whales are buying that was what I got $50 million whale purchase cool seems like a

Non-event and then rwa narrative right real world asset narrative tokenization all coming to link and which I say how is that different than yesterday but I love crypto for this I love crypto for this price goes up and we assign a narrative but the real I mean the real

World asset narrative I think will be big in this cycle obviously have Larry Fink out there saying tokenize everything right I’m gonna ask you about that we weren’t planning to talk about it but do you think that’s a this cycle thing or do you think this is going to

Be one of those we see the seeds planted but uh it takes a lot longer than we expect that’s my yeah it’s the it’s the latter is my view I I love the I love the idea I love talking about it I love that it brings people into the space but

In terms of when we’re going to see you know many many billions uh and maybe trillion dollars of assets I think that’s a cycle thing we’ll start to see a little right we’ve seen tokenized treasury funds come online we’ve seen people experiment with that but I I still think we’re in that

Experimental phase yeah this I was talking to Tom Dunley about this yesterday but this reminds me of like the first defi summer or the first nft craze or the first metaverse and everybody thought that the you know we were going to be living next to Snoop in

A mansion in the metaverse for $5 million for a plot of land and then all a sudden it was worth like five grand in a bag of Skittles and it just didn’t happen right and so I I think that uh this is one of those things that will go

Very fast when it does but I don’t think that it’s built yet I just don’t think the plumbing is there maybe yeah we we’ll we’ll get there we might need legislative progress we’ll need you know traditional Wall Street firms just woke up to crypto broadly this year uh and they’ll need a

Few years to get organized around it and hire about it but it it will happen and besides we need a driver of the next cycle Scott we can’t just you know we always have to be looking ahead okay well let’s talk about the driver of the next cycle then we’re

Going to obviously do our ETF Roundup but uh what is the driver now that we have the ETF narrative passed to some degree right passed for a narrative obviously not passed for its fundamental value and this like massive month-long hangover since the approval yeah I mean look I think when

You talk about Bitcoin specifically there are two short-term drivers and then there’s one long-term driver of crypto broadly so the the short-term drivers are really the the fundamental flows are just beginning I think a lot of these initial flows were people switching out of gbtc or out of European

Listed Bitcoin products into lower cost ETFs but the fundamental net new buying from financial advisors and family offices and institutions that have never held Bitcoin before that’s just starting right now right those conversations kicked off after the ETF launched they’re starting to deploy capital that will accelerate so I actually think

That’s a story we’ll be talking about in two or three months when the big platforms turn it on and you start to see these flows persist which they’ve been they’ve been doing a great job of but persist and maybe even re accelerate a little bit um that that I think is a

Big one uh I think the others you know the having is going to be something we’re talking about people have avoided talking about it’s usually this you know this this black hole that sucks Us in and it’s all we can talk about about for six months and the ETF has been sort of

Fending that off but eventually we’re going to have to talk about7 billion in Supply disappearing on an annual basis and I think that will be a big driver and then outside of that I think there’s this broader crypto Halo you know at the start of the cycle the thing we talked

About at bitwise was not the ETF because believe it or not at the start of the cycle no one thought the ETF was coming yet approved yeah it was it was it was dead in the water right we we we we’ve been beaten down so much that we

Couldn’t even string those three letters together uh we were talking about the collapse in cost the rise of Layer Two what’s going on with the ethereum upgrade and how that was going to bring real world use cases not real world assets but real world use cases into the

Mainstream and I think that’s going to create I think that’s going to happen in a major way in the next you know 18 months it’s going to be a big narrative so those are my three I agree I mean I’m a huge eth bull I think I love the fact

That it’s been lagging but even with what you just described now all people want to talk about is a ethereum spot ETF they don’t want to talk about any we have James safer here of course SEC just delayed inesco USA uh us and Galaxy ethereum ETF 100% expected and more

Delays will continue to happen in coming months the only day that matters for spot ethereum ETFs at this time is May 23rd which is vanx final deadline date so here we are back to having this eth date that’s like the January 10th of Bitcoin right where so they had to make

A decision they couldn’t Kick the Can down the road right after the having right you guys viewing I guess at bitwise the chances of an ethereum spot ETF it seems pretty mixed actually when I asked people yeah I’m warming to it is how I’d view it if you had asked me that

Two months ago I would have said it’s a very low probability I was certain we were not certain but thought it was very likely we’d get the Bitcoin ETF but eth felt more complicated and the reason is there’s not the same level of regulatory Clarity right the SEC is still waffling

Over whether it’s a security or not you have the question of staking Etc um but we spent a lot of time reading the actual approval of the spot Bitcoin ETFs like reading the actual words the SEC wrote and you can pretty easily substitute ethereum into those words and

It sounds pretty darn good the the logic that they followed to get there uh applies pretty well to ethereum so you know I think it’s a better than 50/50 shot we get approval I don’t think it’s 90% or 95% I think it probably is 90 or 95% if

You’re talking about the next 12 months yeah but if you’re talking about may I think it’s better than 5050 it’s not a gimme and it would be exciting it won’t be as exciting as the Bitcoin ETF I was just say it’d be exciting but I have a feeling that just like the ethereum

Futures ETF which did literally nothing I just don’t see that much Seline cash dying to get into ethereum right now I think it would be great to have these products but I don’t see it being a huge driver of momentum in the market I think people are way overestimating that I

Could be wrong I don’t think you’re wrong at all you have to think about the people who haven’t bought crypto before still think of it as crypto they don’t know the difference between Bitcoin and ethereum they can’t talk about turning complete blockchains they they can’t disambiguate that it’s just crypto and

If they check the box with Bitcoin exposure for a year they may not be looking to add on ethereum exposure and that’s from somebody who runs a crypto Index Fund for a living like I wish it weren’t true but I do think it is true

So I think it’s a a small fraction of the demand but you know still it’ be good for the market it would solidify its regulatory position it would show continued progress I hope we get it um but I don’t think it’ll be the boom You’re Not Gon to see s billion doll or8

Billion dollars in the first month uh I feel confident saying that it does mean that maybe e is a really good trade I haven’t checked the discount but if you believe it’s going to get approved it’s sort of the equivalent of doing the gbtc thing although I think was at like a 60%

Discount now it’s probably 11 or 12 so that’s probably already gone I just want to really quickly I’m looking at a dashboard from the tie just at the market cap of the ETFs right now 3.3 billion in in Black Rock it’s massive massive it’s absolutely massive ETF

Still 20 in gbtc that’s slowed to a trickle like I said finel at 2.75 massive Arc at 76 million massive for a month you guys at 672 and way on the top of the LIF list for the crypto na is 672 million I mean right you get down here Vanek is at 100

Even Valkyrie over 100 I mean these are huge huge numbers in a vacuum and if you add them all up it’s just astounding I mean here it says right black rocks Bitcoin ETF inflows climbed to fifth highest among all ETFs in 2024 and that’s competing with all these other

Ones I mean these are astounding astounding numbers yeah just just to just to make that comment concrete that that means people have put as much money into black Rock’s ETF as the largest like S&P 500 ETFs I mean these are these are massive numbers the year one record for net flows is

Something like5 billion and these ETFs have gotten or black Rock’s gotten to three plus in a month uh it’s absolutely it’s absolutely incredible uh you know even if you look out three years GLD was the third or fourth largest ETF over three years it got $10 billion in three

Years and we talk about it transforming the gold market these ETFs have gotten 8 billion in a month black Rock’s already at three it’s a record setting launch it far exceeds my expectations and it actually continues to do that on a daily basis right overwhelming the gbtc

Outflows and then and then adding to that you know real net buying I think it’s just massive I think people want to know that why and you don’t have the answer by the way but why is price still the same before the ETF after the ETF

It’s kind of just chopped around back to this price are these just not big enough numbers I mean it’s it’s huge that the ETFs are doing that well but a 100 million here 200 million there in inflows to bitcoin really isn’t that significant it’s not that significant a

Daily basis yeah and and we pulled forward a lot of Demand right one way to think about the gbtc premium trade was that all it did was pull forward Demand right it pulled forward it it created shares that couldn’t be destroyed for which there wasn’t retail demand that’s

Why it traded at a discount if there had been enough demand for $26 billion of gbtc it would have traded at par but there wasn’t maybe there was enough demand for 15 billion or something so we started in this9 billion Hole uh it’s pretty remarkable that we’ve treaded

Water and I think if you play this out over a year or through the end of the year eventually these become really significant right there’s headlines to today uh about microor buying you know 8 or 900 Bitcoin in January which used to be the headline that would get us all

Very excited but weighed against there it is but weighed against these inflows into ETFs you can see that this is relatively small now right it’s still nice it’s still important it’s still valuable but it’s not at the scale of these ETFs so uh you know when Moon I

Think I think it’s going to take a little bit of time but we’re we’re making real progress right like it it plays out over quarters and years and I’m hugely optimistic for the rest of the year all I see is Tailwinds right so like regardless of the price today we

Know that the selling is slowing we know that the demand is increasing we know that the having is coming we know how these Cycles work I don’t see headwinds I I don’t know what that will mean for price in uh in the end and we know that this Market

Can be controlled by a few huge players who just want to Tamper uh Tinker with our emotions at any given moment by crashing or pumping liquidations but fundamentally I just don’t see any huge problems on the horizon maybe that’s a blind spot for me I don’t know and why is he only buying

850 what is it like you took a vacation 37 million come on man he owns 190,000 there nothing step it up man that’s right you’re got to play in the big leagues now um I agree you know a reporter asked me the other day what are

The what are the headwinds and I was a little bit stumped to come up with it it’s sort of digging out of this hole is one of the headwinds and then finding a new narrative post Bitcoin post having or post ETF post having I think a lot of

People are worried about what are we going to talk about about Bitcoin in October um and you know there up what’s that we’re gonna be talking about how the price is so high up six months after the having just like we always do ex October man very good point I think that’s right

Yeah well we’ll have high price and then we’ll be assigning The Narrative instead of trying to assign a narrative now to get us to the high price but cyclically and that does not mean it we repeat guys this is a we love talking about the four-year cycle but from a statistical

Perspective two or three sample set is not relevant right it could just be a random walk in the park and the asset was vastly different at each having cycle in size and importance but you know six seven months after the having you start to see that Supply uh sort of

Uh decrease start to matter and every fall after the Happ price just goes up and then all of a sudden say it’s the having obviously we could have fallen on our heads Amnesia fouryear cycle ATF didn’t matter all that mattered was that we were in the fouryear cycle and the

Price was gonna go up it’s crazy it’s amazing but it’s a little bit true um but no it’s like anything right it’s like it’s like exercising or working out it’s not like you start lifting and you’re strong the next day it takes it takes time that’s true on the having

That’s true on the ETF but they do they do add up over time you know again supply and demand and we have new demand and we’ll have less new Supply sometimes it’s complex sometimes it’s simple right sometimes it’s literally uh the first thing they teach you in you know Middle School econom

Well if they only taught middle school economics in the united we don’t do fin I don’t know where you guys are from but we don’t do Financial education here at all but uh if we did Supply demand would be pretty early in it so listen we were

On Spaces yesterday or Monday and we sort of breached the conversation that you uh were really having these talks now right you said it before we couldn’t do it until the spot ETF was launched Hunter when he was on here on the day of the launch said we you had already had

20,000 calls which blew my mind but now you you mentioned that a number of these raia platforms are starting to actually launch I still don’t think people here understand how unavailable these are yeah yeah that’s right so so the ETF launches and you as an individual can

Buy it in your Fidelity account or buy it in your Schwab account or buy it in your anything but Vanguard account but a financial advisor who’s operating at Morgan Stanley or at UBS or at Wells Fargo or at these big National platforms that you see advertising uh on TV they

Can’t buy it until a committee there reviews it approves it and allows it to launch actually there are two phases SC first they can buy it in what’s called unsolicited which means if a client calls and says I want this ETF then you can buy it but the advisor who’s

Directing the client how to manage their finances can’t call the client and say I think you should allocate 1% to gbtc right that can’t happen we thought that this process would take I don’t know six months to a year uh but it’s really happening much much faster than that we’re seeing

Unsolicited approvals on a large number of platforms we’re seeing solicited approvals which is where the adviser can call the client on smaller more Regional platforms which often move faster right that’s why somebody would sign up with a smaller platform instead of Morgan Stanley because they’re faster but this

It’s it’s happening at a speed that I haven’t seen in the ETF industry and you know before bitwise I spent 15 years in that industry so this is the the the fastest roll out it’s the largest launch it’s all moving at the speed of light for traditional finance that may sound

Really slow crypto it’s a month right no yeah I mean you said you would have expected this to be six months or a year do you think we get to the point where it’s all of them or do you think like the there’s just like

A Vanguard and a few of them are just uh diametrically opposed to us for whatever reason and they just don’t or let me say do you think we get a you know 80 90% of them on board we definitely get I definitely I should never say that my

Compliance Genie says that I think we get 80 or 90% on board um there always be a few philosophical outliers Vanguard is a philosophical outlier right but I think I think we get 80 or 90% these are commercial people what do we know we know Americans want to buy Bitcoin we

Know that they like ETFs and we know these platforms make money by helping Americans invest in what they want to invest in ultimately it’s like supply and demand ultimately those incentives will align to make these available the products work right they’re the lowest cost way to access Bitcoin for many

Americans they’re going to get on board not all of them Morgan Stanley won’t approve 11 ETFs it’s too confusing they’ll approve a handful but um you know but but eventually they’ll all get there because it’s what investors want and the rapper works and would you rather have people buying you know

$100,000 on their phone uh and the answer to that is of course not right so so yeah they’ll get there so I listen you guys did your 20,000 calls you’re in the boiler room right now you know on the phones call calling everyone on the planet but interestingly it seems all it

Takes is one Larry Fink interview to to spark that interest right as you said earlier admittedly nobody thought ntf was getting approved I would say until Larry fig showed up right until Black Rock showed up great what happens when Larry thinkink makes the inevitable comment in some interview that black

Rock thinks you should have 1% uh everyone should have 1% of their money in Bitcoin he said a lot of things flight quality but there’s been no direct statement like that is something like that the unlock to just like this massive flood of platforms giving that approval solicited like as you said you

Know why stop at 1% Scott uh the math says you have four to five per. uh look look I think that’s going to happen it’s going to unlock I’ll tell you something I found out yesterday which is that Fidelity which has sort of allinone funds I own them in in certain old

Retirement accounts um they where they the rebalancing towards it’s like stocks and bonds and whatever it’s 10 different funds in one uh they have allocations to their Bitcoin ETF now their conservative all-in-one fund which holds you know like 70% bonds and a little bit stocks has a 1% allocation

To bitcoin so Fidelity is saying your base case for what your portfolio should look like even if you’re a conservative investor should have a 1% allocation to bitcoin and if if you’re more aggressive it should be two and a half uh or more that’s coming everywhere if Fidelity is

Doing it it’s going to come everywhere and that no one’s even talking about that you can look the the funds up online they’re right in there what what I find amazing about that is that people will obviously say well that’s because it’s Fidelity they’re bitcoiners they’ve been it from the beginning but the

Reason is that conservative investors should have Bitcoin in their portfolio because of math the sharp ratio right you simply do the math no bias you can literally hate the asset you probably by the way hate a meaningful percentage of the assets that you’re exposed to in

These funds and don’t even know it that right and they’re there because they might improve your sharp ratio but there’s this emotional hatred uh of some people to bitcoin even if it is good for them that’s exactly right if you strip the name off Bitcoin and you present it

To an academic they’ll say of course you should have it you shouldn’t have 50% it’s too volatile it should be 1 to 5% and a way you go and that’s why they’re putting it in there and it is a big statement because you know they could face questions they could face people

Moving money they could face you know potential legal risk but they’re saying it’s that important and absolutely you know I have treasuries in that same fund I don’t love those but they’re there because the math makes sense uh and because that’s the option in that Ira

Plan but I love that there’s Bitcoin in there and that’s G to that’s going to happen in every fund and then people who are contributing to their 401ks 1% of that contribution is going to go into Bitcoin and that will just add up over time over time over time I just find it

Hilarious there’s people who just so fundamentally despise neon musk or Mark Zuckerberg or like Facebook meta as a company and you all own it sorry you all own a lot of it you own a lot of it right it’s it’s probably your top waiting uh yeah people just don’t

Realize so all we need is I think we need one Larry thinkink comment we unlock it all and then we we see the flood but assuming uh we don’t get that in the near term is it guy is it literally for you guys just education education education phone calls phone

Calls phone calls conferences just out of the I mean you guys bitwise you guys have been on the road show man like you and Juan and Ryan you guys don’t stop Hunter himself it’s pretty impressive you’re you must be doing four or five interviews a day yes that is true uh

Where we’re we’re you know we’re telling our story and we’re telling the story of Bitcoin we’re doing it at conferences we’re doing it on YouTube we’re doing it at Capital Grill over salmon lunches with 10 advisors at a time that’s where the future of crypto is being built um

But all those things add up and if we’re having 20,000 conversations a day and Valkyrie is having its conversations and Vanek is having its conversations and then you layer on BlackRock and Invesco and Fidelity um you know everyone who manages a lot of money in the us is

Thinking about Bitcoin at some point between today and July 1 they’re going to have a conversation and that just adds up over time so yeah we’re we’re we’re we’re on the road we’re we’re pounding it um and uh and that’s because we want to compete in this space and

Also because we think it’s important for the asset J just before I let you go how much of these inflows especially in a black rock or something like that do you think are just the general public buying this thing versus Black Rock themselves on the phones and selling oh I think I

Think in this initial phase days it’s it’s it’s probably close to you know it could be 5050 or something like that uh over time it will be them selling uh that becomes the Big Driver maybe it’s even less than that today because sales conversations take a while it’s not like

You call someone and you’re on the phone and they’re like I’m slamming in a million dollars you have I’ve seen that in the movies I’ve seen that in the movie Boiler Room I said that before you get some uh you know uh Midwestern housewife to give you all her money for a penny

Stock you created let me say this Pen’s got uh that’s what people think we’re doing here by the way who hate Bitcoin no but it’s like everything right there there’s six conversations there’s a visit to their office there’s follow-up questions there’s a little allocation in their personal account and then in a few

Clients and then across their book it’s a whole process that takes a year to play out so I think the sold uh assets will come uh they’re probably just starting now and it will accelerate over the next you know nine months yeah all right well Matt man thank you as always

For for your time I’m going to let you go to your 15th interview of the day I’m sure that you’ve already done I don’t know maybe you work sometimes but uh always a pleasure to have you guys obviously check out Matt on xit in the description and buy some I own some

Bitwise by the way I own the bitwise uh ETF I do own a little black rock too I’m G be honest that’s fair those are the two and and a little Valkyrie or three actually I love it I love it everyone should do that I appreciate it that yeah

So thank you Matt I talk to you on basis for all I know in like 30 minutes or something all right man see you soon see you man I’m curious if any of you guys do you got I own it I own uh I own a few of them do you guys own

Them any of you in the comments have you actually bought these ETFs I know a lot of you are not even in the United States and you can’t but you probably had the opportunity to buy before uh but any of you guys in the comments I’m looking I

Don’t do this obvious okay Queen has ey bit Scotty swing own a few yes sir yes you guys are but you guys you’re doing it see this is this is where the real research happens we don’t need to like look at at uh you know flows and all

This can’t UK third bitwise third Fidelity third Arc fbtc ibit DCA yeah you guys really yeah okay see this gives me a lot of confidence because we’re all crypto natives we’re all bitcoiners we’re all believers here and I thought that this audience might say no only self- custody only holding spot Bitcoin

But a lot of you guys are gbtc ibit arcb converted gbtc yes gez amazing wow I love this but I it in my Charles Schwab account crypto Chad aptly named buddy good job good job all right I’m gonna go ahead now we’re gonna try to figure out why the hell

Link jumped 40% the funny thing is people are like dude link is down it’s in the month it’s in the month it’s been a good month for link Chris I’m gonna bring you on we were trying to figure out why link uh jumped everybody needed a narrative I

Just said uh chart I don’t know man I got the chart right here like we had strong resistance and took a a couple months to start to push through it now I’m a little worried about this weekly candle if we’re being honest but uh otherwise yeah I think it was just a lot

Of uh consolidation yeah I mean that’s that’s exactly what it was we were sideways here from uh geez oh wish from November beginning November man so November December January right uh so three months over and finally took its little pop here I mean um at the end of the day

You know you’ve got uh three waves down from the swing High to the swing low here so once we broke that second wave you should be looking higher and that’s what we got I mean you know we weren’t surprised it’s just what we were looking

For um just took forever to get there I I I noticed it seems like uh crypto for some reason seems to be doing a lot more sideways it seems like this cycle um maybe I don’t know maybe it’s just it’s just H there because I’m here right

Now but it seems like we’re doing a lot more sideways for like longer periods of time um and when we get that and guys listen if we’re in a bull market and we’re going sideways for a while the odds are we’re going to break up we’re

Going to break up hard uh you know we did it over here with the orig with this this was such a beautiful move here um we get that I was just gonna say we’re years of consolidation on Lake yeah yeah so this this right here is nothing we

Should continue higher um there’s no you know when you’re this is the problem you know everybody out here wants to talk about different ways to trade and whatever but nobody really understands what’s going on uh very few do but man when you understand what’s going on with with these ranges when they’re actually

Accumulation not just I’m saying it’s accumulation because it’s at this level but when you’re looking at that price action that volume and you’re really understanding it and you see something like this why I mean the reason I was telling everybody we’re going to get a

You know a spring or a thermal shake out here to buy a four and a half five and I mean this thing has just continued up and after you’ve gone long this when you when you gosh when you’re that long it’s GNA keep going up it just everybody

Wants to be scared and to find a reason to to be fearful of it but the end at the end of the day that’s a long accumulation that’s got power it’s going to continue going for a while I bet a lot of people who did buy those lows

Sold the retest to the top of that range in about nine bucks they took the like almost 2X and we’re like dude this thing’s going to get rejected again and it popped through on one weekly candle what I love about that by the way I just

Have it on the weekly you’re looking at the daily and we this was something I was talking about so much at the time I mean for me this was the highs I mean look at you had the breakout from the weekly range after all that consolidation and the retest on the next

Candle was perfect to the fraction of a penny yep right here I mean right right on it it’s crazy to me when those play out so perfectly yeah I mean it was just it’s absolutely beautiful I mean really it’s just this this is the kind of thing

You want to see um when you’re looking for like macro accumulation that’s what you want to see that where you got something that just continues to go on for a while there because once you do that it’s soaked up so much so much of that loose Supply right you know

Everybody out here that you know it’s kind of you’ve been in here you know a while like I have in crypto and you know everybody always makes fun of paper hands but paper hands are not just the people that get scared and don’t know what they’re doing it’s also short-term

Traders right and so when you’ve got an accumulation that’s this long you’re pulling all that all that shortterm um selling pressure off and it’s not going back in because you’ve got the bigger players down here who are pulling it off and they’re not going to be um you know

Down this area and they’re not going to be selling for a while and so you know when you do that you take all that that pressure off and of course price is going to go up so the longer it’s going sideways the more selling pressure you’re taking away and this thing’s

Going to ride for a while so yeah is absolutely beautiful really quick before we continue I just see a question I want to answer from Mark should we be concerned with 1.5 billion gen genis dump I’m just going to I’m I’m not saying no I’m saying no it wouldn’t

Happen all at once but that’s two days of what we saw from gbtc every day for weeks and we’re still sitting here at 43,000 so 1.5 billion is a non-event a non- number in my mind after seeing the market completely absorb 7 800 00 million every single day from gbtc when

Those ETFs launch but we can go on with the charts now I just want to put that out there that no that does not concern me at all yeah I don’t I don’t get concerned on news events so um you know I just kind of play the charts and uh

You know usually I’m right sometimes I’m wrong it is what it is I’m human being right but uh gotten pretty good at it all right so let’s look at Bitcoin boring boring coin as people are starting to call it I think yeah well again you know same idea here it wasn’t

Years but I mean you know seven months of sideways we popped out we never got the re the retest as I was saying we wouldn’t uh that we weren’t likely to get we’ve continued to Rally up um we’ve got this nice uh three-wave kind of mooved down here and we’ rallied up just

Beyond that so we should be heading up we’re range bound right here just below the daily pivot um you know I I mean there’s nothing specifically jumping out the moment but this uh this range here the EQ is providing really support here we had one Wick down but really support

Is uh if I can zoom this in a bit here support’s being found right there resistance right there at that daily pivot we cleared the way we’re rallying up we’re trying to push again so I think you know we can get that impulsive pop here locally I I mean I think 45,000 25

Is a great like really local Target but I think if we’re popping out impulsively above here we ultimately should be rallying up to the R1 and then probably back to the Daily pivot and then higher and you know still with my my Char here I’ve still got you know around a $57,000

Initial um wave Circle three Target here so yeah can I F an idea and ask you people don’t a lot of you I I take for granted that people here uh are knew and don’t know about our relationship but I asked Chris for advice and he taught me

Right so C I basically bothered Chris enough to where he like sort of Sid mentored me while I was a part of his group so sometimes I literally come here and say what do you think of this idea right we kind of had that drop to

386 now we have this sort of flag in my opinion if you move that I can move that aside so you can see and a nice pennant forming now I wouldn’t be surprised if this flagged and went lower right we know these penants flag you kind of have

This nice pennant that would send us back up to 49 yeah that looks valid right at the 50 Ma I mean it’s got the touch up down up down up yeah exactly I mean it you know it looks like it’s it’s Consolidated there I mean in terms of Elliot wave you

Know uh you could be looking at a short one two and then another one two but um you know for all intents and purposes we’re getting consolidation right there and you’ll notice if you look right there at the middle of your uh triangle there you’ll notice the Wicks all come

Out around the same area at the to top there and then all around the same area at the bottom and really you’re sideways just in that middle area right there other than those you know those short yeah basically from like this area like 432 to here if you ignore the Wicks I

Mean yeah I I see what you’re saying you’re basically saying you’ve got like look how clean that support is with these four candles and that Wick yeah and that Wick actually one two three four five six out of seven candles either Wicked perfectly to that line or found supported it so 20 42548

See guys this is why Chris gets paid the big bus that is clean very clean yeah but yeah it’s beautiful structure I think and then you’ve got that that large uh your blue candle coming down there so you’ve got that big fair value Gap up to the um

Uh all the way yeah just uh was pay attention the big blue one oh sorry over keep going keep going further that one yeah and so then that Wick down there of that big candle that’ll fill in that fair value Gap there so I mean that’s yeah probably

Right that just looks good yeah I I know it’s sideways and Bor it also kind of looks inverse Head and Shoulders e although you know I don’t really like the move down into it but it it just doesn’t look bad nothing there scares me it looks really good um you know but

People you know human beings psychology uh you know people tend to when they get bored or when they uh you know when price isn’t doing what they want quick enough uh they tend to get scared and they start uh thinking about all these other reasons why it can’t possibly go

Up and then of course you have social media which you know the U the algorithms provide Echo Chambers and they you know kind of show you what they think you want to see and so if you’re already kind of feeling like really negative about it then they’ll start

Showing the negative stuff and then as human beings emotion plays in and it’s it’s it’s tough it’s tough until you really understand you get some experience you know everybody thinks they can come in and learn the steps and how to trade and you can but to be able

To trade is a whole different thing that takes experience that takes practice you have to go out there you have to do your reps over and over again uh to to prove to yourself that things actually work work the way that you expect them to do

So yeah but I like it man I like it so I can see a rational singing over here uh been waiting for a coin like you come into my life I got you I know the music references when you guys Dro them I just want you to know that what are we look

At at here all right this is aen astroica um this is a beautiful reversal off here you have this um this dogee right here at support So this pin bar at support and then you’ve got this Gap up in this nice large candle here yesterday um what I’m basically looking for is a

Breakout above what is this probably right here around 67 uh 6785 6780 right around this area if we can get a nice pop up through that locally we should hit 7350 no problem um but I think especially if we’re hitting that then we should be up here around 86

So um it’s it’s just a really good looking setup at the moment I think um and so that that’s kind of what I’m looking for with it there if it if instead if it drops back down here below the swing low then ignore it but if we

Can get that breakout here I’ll look at 7350 if we can grab that then I’m looking up there around 86 so what do you think of the market right now just in general I mean anything scaring you with stocks you know I think it’s getting choppy again and people are

Starting to freak out and fed pivots and Chin yeah yeah no you you know me man I I just look at the charts I I don’t I don’t sit there and really worry about news events and all this stuff because at the end and I posted something about

This on Twitter X whatever we call it these days the other day and I think it was yesterday maybe and you know a lot of things that that new Traders especially uh really hurt themselves with is that they’ll go and they’ll learn a system to trade right a system

Is just a set of rules um and they’ll learn the system the strategy to trade and then what they’ll go is they’ll go and they’ll screw it up because then they’ll start paying attention to to chatter and news events and all these things and all of a sudden they don’t

Enter when they should they don’t exit when they should they you know exit earlier or whatever because they think something may happen rather than just you you know playing with the strategy and the strategies and the and the uh the techniques tend to work you know over time because they’re based on the

Price action not on all this other news stuff it isn’t like oh if if Bob comes up in your social media profile and says hey Jerome said this so this is what’s gonna happen you know because here’s the thing even if you guess the correct what

What you know whatever the news event is going to be let’s say payroll is going to be uh surprise the upside surpris of the downside you know or whatever right or the fed’s going to you know raise interest rates or not even if or just keep flat even if you guess that

Correctly that that does nothing for what’s going on in the chart right yeah just because you do that how many times do we see somebody apple right Apple double beat on earnings and dropped the same day that Microsoft you know all after hours Microsoft double beat popped up or not

Microsoft meta um and so you know again we we don’t necessarily know that even if we get that news event correct that it’s going to do what we think it’s going to do so stop listening to the news and whatever right so I just look at the charts and and I don’t see

Anything overly terrible at the moment you know everybody’s gonna bring things things oh you know in the past this has happened so this has to happen nothing has to happen right um I posted something recently I shared a post recently from Alex Krueger uh friend of

Mine I think he’s a PR of your too um good guy really good guy but I think remember he was in Vegas with us yeah yes yeah yeah yeah but he’s been posting some great stuff uh you know I’ve been talking about how you know everybody’s like oh well every time this happens

Recession comes in blah blah blah and I’ve been say no you know that’s just kind of this limited US history and dur this thing but he actually put up the numbers he showed what actually happens and you know are you actually in a recession yet versus are you coming into

Recession and what it means and uh you know I don’t I don’t necessarily think people are going to get what they’re really really expecting what’s all over social media and scaring everybody right now and what does that mean that means everybody that’s been fighting the rally

For two years now will continue to fight the rally even harder which I think is gonna give even more fuel just short more guys hey is that a metas chart over there because that’s quietly been my like favorite trade bottom left I know that chart anywhere because it looked

Head and Shoulders he but bounced so beautifully from support I literally have this I mean I see you can tell I learned from Chris I well I show you yeah there you go look at that yep that’s the important stuff same thing okay yeah mine has the 50 ma yours has

Pivots but yeah I’ve been in this for I I actually to be fully transparent I sold a lot of this when it was up in the 120s 130s I’ve been in it since some since last cycle but I was adding at 10 and 20 bucks so nice nice yeah yeah I

Mean the first thing to notice you know keep it simple we’ve got this nice support and we hit it right here bullish engulfing candle coming in um the volume isn’t quite where we wanted be but still kind of coming up there but then you get your descending resistance with this big

Spike of volume large candle spread right up through it into this next resistance so I I mean I think that probably says we head up but you know I’m looking for an impulsive breakout above the pivot and if we can get that and kind of close above that you know

I’m looking up here 186 yeah as long as it’s not below 71 I’m good that’s that that’s that uh that that line right at the bottom you know what I mean I was watching it pretty close I was like yeah we’re not going to lose 71 are we and it bounced exactly at

It so and back well here’s the thing if if we do lose this area here I mean I think we’d probably come all the way down here to you know 3540 um down here I think you just fall right through the big candles so that’s why I was watching it so closely because

I’m like I’m out of here dude like yeah yeah exactly and then you go damn it I could have sold it all at 130 what was I thinking hindsight 65 that hindsights I get you every time yeah know 2020 right yeah um let see I’ve got Rune here I

Know I know this one gets it’s a lot of talk on and off uh throughout the you know cycles and whatnot um I like this here we’ve got a nice rally up to the pivot we’ve kind of pulled back to this previous kind of support resistance area

Right here and we got a pop up and so I’m just looking for again a bullish breakout here impulsive breakout above $494 a. half if we can get that I think the odds are pretty strong we rally up here toward $11 so um that’s just what

I’m looking for if we don’t get it it breaks down lower well ignore that but if we can get that Breakout that’s where I’m looking forward to kind of continue its rally toward can you I have a question can you back test pivots you know obviously the

Pivots exist based on the current price action is there a way to go back on a chart and look at pivots like can you rewind basically and see what pivots you in the past yeah sure I mean I I I find it really annoying to have more than

Just the initial pivots on there right but you can add them all yeah oh yeah yeah you can go here and you say man I want to do uh you know 30 30 pivots back here and click it on there yeah oh that’s right you get them all yeah

That’s what my just look like I forgot it’s been so long yeah just fun for back testing all right good keep going sorry uh I’ve got mover here mover is interesting um so we had this big deviation this big drop down here which rallied back up and ever since then uh

We’ve got if we’ll look here this is the swing low right here other than that drop I’ve got it just below it but yeah but you know we came down we hit it with with this one right here rallied up we’re pulling back we’re trying to Rally

Up here so um for me um you know I’m kind of looking at these lower highs higher lows up into this consolidation kind of what you were looking at on that other chart yeah so we got kind of something like this going on um and so I’m interested because if

We can get a breakout I want to say above this one right here this is what 25741 $25.74 I’m assume that um I think there’s a really good chance if we do that I think it’s on its way and then we really want to see a breakout above

Um above this one here at $31 but I think we do that and we’re up here at 85 uh if it does happen to break down though uh below this swing low here I’m not sure this holds here and I think there’s a good chance we could probably

See it drop on down I mean I’d look here around the S1 pivot 1415 but I think it breaks down to here but if we can get that break upward I think we got a good Target there so ends up getting us a good bit of return

On that as well looking good anything else in there in the bag of tricks there uh no I think it’s all I got here for today yeah I think it’s enough it’s enough especially at a sideways boring Market yeah just got to be ready stop stop sleeping folks that’s you’re gonna

Sleep and things are gonna pop out because they’ve been going sideways for a while and then you’ll be like what it’s got to pull back it’s got to pull back and then it doesn’t pull back back and then everybody’s upset and we pulled back 38,600 come on yeah that was your

Pull back we pulled back we pulled back we’re done here I don’t know never know but all right guys you follow TX West capital on Twitter I call it Twitter too not GNA stop no change can’t be stopped is what it is and uh Follow Chris for

Sure check out everything’s got going we got fibos Swan you know over here taking complacency kills but in the comments they two of them they work together you know over at Texas West Capital so you can get uh two for the price of one so

To speak uh and I think you should all right Chris thank you very much man I appreciate it man have a good one all right guys that’s all I got for you today we’ll be back tomorrow with somebody that’s going to be awesome that I can’t remember don’t know or hasn’t

Been booked yet but who cares guys it’s going to be great it’s all I got for you today I will see you all tomorrow 9:00 am Eastern Standard time I’ve been waiting for a coin like you bye let’s Let’s go