The Wolf Of All Streets - ALERT! Buy Bitcoin Mining Stocks - Find Out Why! l Mike Alfred

Episode Date: November 29, 2023

Scott is joined by investor Mike Alfred to discuss the bullish case for Bitcoin miners. Mike Alfred: https://twitter.com/mikealfred Sponsored By TAP! ►►TAP A super-powered money app - an all-in-one investment, money, and trading platform. Coming to the U.S. soon, with tons of bonuses. 👉https://referral.withtap.com/scottmelker  ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. USE CODE ‘2MONTHSOFF’ WHEN VISITING MY LINK.  👉 https://tradingalpha.io/?via=scottmelker  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/   ►► OKX Sign up for an OKX Trading Account then deposit & trade to unlock mystery box rewards of up to $10,000!  👉 https://www.okx.com/join/SCOTTMELKER ►►NGRAVE This is the coldest hardware wallet in the world and the only one that I personally use. 👉https://www.ngrave.io/?sca_ref=453131... ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/   ►►NORD VPN  GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets   Follow Scott Melker: Twitter: https://twitter.com/scottmelker  Web: https://www.thewolfofallstreets.io   Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Trading 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.

There's a trade in crypto that everybody seems to be missing. It is Bitcoin mining stocks. But some people have been yelling from the rooftops that this is where you should be deploying your capital if you want to take advantage of all Bitcoin has to offer in the next cycle. One of those people, maybe the most vocal, is Mike Alfred. He's actually been on this show talking about it before. But today we're really going to break down the case for Bitcoin miners

and Bitcoin mining stocks. Of course, I've got Texas West Capital on the back end of the stream. You guys don't want to miss this one. Let's go. Let's go. scolding lesson from some fellow YouTubers that said, you have to talk about what the title is of the video in the first seven seconds. And if you do a 10 second countdown, you're breaking the algorithm. So maybe I'll get like four more people to watch this and like it today as a result of getting rid of the 10 second countdown. But guys, like right now in this market is crazy. Everybody wants to share a video with you about what altcoin is going to go 100x next and why you need to buy something and sell something and do something. I'm American. I can't do that. But what we can do is talk about the value of certain sectors that people may be missing and do a really deep dive here.

Now, everybody knows that today's guest, Mike Alford, is deep into Bitcoin mining, sits on the board of certain companies. I'm going to bring him on right now, and we're going to talk about why mining stocks may be the real opportunity of the next cycle. Good morning, sir. How are you today? Feels like we're old friends now. Well, we've actually done this in person, too. People don't know, but we've actually met. We met at Michael Saylor's house over some barbecue fresh off the grill, I think. You, myself, and Emmy sat down at a table, didn't know each other,

and there it was, beginning of something beautiful. It's a hell of a name drop there. Okay, so if we're going to name drop, I met you at Michael Saylor's house, and then that night, I showed up at a party for Gemini with the Winklevite mansion at star Island. And there you were at like one 30 in the morning, hanging out with, I think it was Robert Breedlove and Mark Moss. You know,

you know, I had to sneak, you had to sneak into that. Leah Halpern and Mark Moss basically snuck me in. They convinced the guards to let me in, but I did not have an invitation to that. I also did not have an invitation and just had a very large man with me who knew how to talk his way into things. So my friend Adam, who gets me into literally anything. Anyways, though, so here we are.

Let's talk about the title at hand, right? Alert by Bitcoin mining stocks. You and I have been having this conversation. I actually started buying some, very happy that I did. But maybe lay out the base case here. They've been somewhat lagging. Why is this where you might want to deploy some capital coming into the next cycle? So first off, I got to give two caveats. The first one is nothing that I say about any of these companies is an advertisement or an inducement or doesn't constitute any sort of advice. Yeah, because obviously I sit on the board of Iris Energy, the ticker is I-R-E-N. I love the company, but I can't recommend directly that you buy it as much as I think it's a wonderful valuation.

And then the second thing I'd say is that for most people across a full cycle, you will do better than buying Bitcoin mining stocks by just buying Bitcoin because Bitcoin doesn't have dilution. Bitcoin doesn't have a cap table. Bitcoin doesn't have a management team with stock options. Bitcoin doesn't have facilities that can go down. It doesn't have municipalities that can sue them or tax them higher. It doesn't have a power company that can charge them higher rates on power. So just keep that in mind. These assets are quite volatile. They're quite risky. I think if you do it right, you can make a lot of money and you could potentially beat Bitcoin over various periods, but it's not something that I recommend.

So with all that as a caveat, Scott, I'm happy to give you some thoughts on why I like the sector. Yeah. I want to know why you like the sector. And then I want to dig into how you actually differentiate between these companies because there's quite a few of them that are publicly listed that people can trade. Sure. So keep in mind that this is a nascent industry in a sense. The industrial scale miners didn't really exist five, seven, nine years ago. So what we're talking about, if you talk to the largest firms like Marathon and Riot and CleanSpark and Iris and Cypher, they'll all tell you like, there's still stuff they're doing that's like a startup. So I kind of like that because it reminds me of the internet data center business back in the early 2000s, where if you really saw

what was coming with the internet, you realize that you need a tremendous amount of infrastructure to support the growth in the consumer internet. Because keep in mind back in 2000, I don't think most people thought their primary method of communication, the primary way they would buy things, the primary way they would operate their businesses via the internet. And so the internet data center business back then was quite small. But if you bought those stocks back then and held them until today, you made in some cases 200, 300, 400x. I think the mining business is somewhat similar. The caveat there, again, is that the revenue, the top line gets cut in half by the halving every year. And so what you have to see over time is increases in the

Bitcoin price or increases in the transaction fees. And historically, we've seen both. And so across a full cycle, Bitcoin mining equity acts as sort of levered exposure to Bitcoin via the operating leverage from the business itself. And the way that works is quite simple. Let's say you set up a Bitcoin mining operation with 5x a hash of capacity, right? So you've got a significant amount, let's say it's 1% of the global hash rate, and your power price is two and a half cents or three cents per kilowatt hour, which is quite good. That's industrial scale. There are very few people that have that type of power and it's fixed.

Your cost all in for a Bitcoin from an electricity standpoint might be hypothetically, let's say 15,000. And so at a 25 or $30,000 price, the market's not going to be too excited about your equity. But at a 60 or $80,000 Bitcoin price, again, assuming your electricity cost doesn't move from $15,000, you start to see increasing amount of operating leverage as you go out that curve of the Bitcoin price. So every cycle, what happens is the Bitcoin stocks tend to stagnate for a while, pre-halving. People are concerned that there's not going to be enough revenue to service the debt or to pay the power contract. But then when Bitcoin rips later in the

cycle, because remember Bitcoin, the price itself is a digital avatar in a sense that moves completely on its own, separate from the cost of power and separate from the physical reality of running mining rigs and keeping them plugged in and energized and all that and serviced. And so it can rip separate from the underlying economics of Bitcoin mining. So if your economics are good at increasing levels of Bitcoin price, your business looks more and more profitable. So what tends to happen as the cycle goes on is these businesses go from like 30, 40, 50% gross margin businesses to like 80 or 90% gross margin businesses. And when they do that, the stocks tend to go up 5, 10, 15, 20X, sometimes more historically. And so that's where the value comes from. Now, for long periods of time, they may not look like very good investments.

But what I would tell you, Scott, from a balance sheet standpoint, if you buy the right ones that actually own land, they own power contracts, they own buildings, they own electrical infrastructure, substation, et cetera, they plug into the grid. If you're wrong and Bitcoin doesn't go up, you can still repurpose those assets to do other things in high performance computing like AI. And that's the downside protection. That's why I like companies like Iris, where I sit on the board and Cypher and others that own some of these hard assets. Because I think at the end of the day, even if you're wrong about Bitcoin, you could still be right about the value of high performance computing infrastructure. Yeah. Last time I spoke to Fred Thiel for a marathon, he said,

hey man, we're data centers, right? He said, that's how we skin it. That's how we pitch it. Bitcoin happens to be what we're doing. But to your point, the infrastructure is still there if you want to pivot and do something else. And when you're looking at these companies, right, trying to discuss how to differentiate them, as you said, I mean, Iris, I know there was a time when the stock, as you've mentioned before, was trading far below even the net value of their assets, right? Like you said, they have the land, they have the factories, the power stations, all these things. And somehow when you break down the price of the stock, it doesn't even add up to the value of those assets alone. And that's a classic Graham, Dodd, Buffett, Munger type of value discrepancy, which is

why even though I call myself a value investor, I'm pretty heavily into these types of companies. Because literally, it was like five or six trading days ago when the stock was at 280, you were buying a dollar of assets for 65 or 70 cents. Again, the market's not even pricing in higher Bitcoin, it's not pricing in AI growth. The company has 600 megawatts in Texas of which only a very small, like 20 or 40 megawatts is operational. And they're bringing those buildings on every few months, There's 20, 40, 60 megawatts coming online, probably as far as the eye can see. They've got other stuff in their development pipeline. They've got, candidly, one of the best development pipelines in the space. And I've seen everybody's

portfolio of announced projects combined with the current projects. And so it's just a really interesting scenario. And I think it speaks to the Wall Street consensus, Scott, to be that totally clear. I think having talked to dozens of traders and PMs and analysts just over the last month, month and a half, the kind of consensus right now is that Bitcoin is probably only going to go to 40 or 50,000 this cycle. Now, keep in mind, these are people that haven't been around as long as you or I and Bitcoin and maybe don't believe and have the conviction, but these are the people that drive these stocks, right? It's not Joe Schmo Retail who buys 100 or 1,000 shares of Iris that are moving the stock. It's institutional investors who can put millions to work. And they're largely sort of,

I don't understand the economic rationale for these businesses, because at a $40,000 or $50,000 Bitcoin price, it's not that exciting. And I said, well, what about an $80,000 Bitcoin price? And they said, well, if you look at the model there, it's like a very good business. I said, well, maybe you're underestimating the odds that it's going to go there. And that's why I've tweeted recently, Wall Street doesn't understand Bitcoin, because I literally heard some trader just a week ago say, I think we're near peak Bitcoin. I said, peak Bitcoin at $38,000 Bitcoin? I said, most of us who've studied it think it's going to a million dollars over the next 10 years, five years, 15 years, whatever. So peak Bitcoin is decades out,

I think if you understand it. But Wall Street thinks peak Bitcoin is now. And that represents the sort of differential in expectations. So yeah, these businesses aren't great business. If Bitcoin is just going to sit at 40,000 for the next three years, there's no reason to buy a Bitcoin miner, period. If you think Bitcoin is going to go to 100,000 or 150,000, then Wall Street's completely wrong. They're going to completely have to pivot at some point to address that because they're completely underexposed to the entire sector. And miners have the highest operating leverage to the price of Bitcoin. MicroStrategy is a great holding. It's pretty conservative actually, because the interest rate on the convertible debt is so low. And the price of Bitcoin is obviously moving higher. but you don't get the same kind of direct

operating leverage to the Bitcoin price that you do when you're literally generating new Bitcoin every day like a miner. And so, yeah, in the short-term micro strategy over the last three, four months, as people were concerned about having, it was outperforming the miners. But year to date, a lot of the best miners are still outperforming micro strategy. Yeah. I haven't even looked, but for retail, what's the price of an ASIC right now? I remember at the peak of the last cycle, it was like 20 grand. And at the bottom of this cycle, you can buy them for 1500 bucks. Those are generally, I don't know exactly where they peaked in trough, but where are they at now? I haven't even looked. And you also have the

halving coming. So obviously there's going to be a major discount on miners that might not survive. Yeah. So the price for an individual units have come down into the single digit, low single digit thousands, as you said. But what's fascinating, Scott, is that literally just six months ago, there was a huge machine glut, which is sort of what you'd expect with Bitcoin prices down here low, with oversupply from Bitmain, MicroBT, Canaan, used rigs on the market, people who bought too many rigs a year or two ago, committed to those, and then they're just sitting in a warehouse. All of that supply, from my perspective, has literally been soaked up in the last quarter. And so we've gone from a fundamental oversupply to an undersupply. You could see that in these large machine orders.

CleanSpark just placed an order with Bitmain for 4x a hash. I know, of course, I had that huge deal two months ago because they were big. Bitfarms just did a secondary and then announced a massive order yesterday. The stock ripped. Iris and Cypher both bought the new Bitmain machines. They're out for like the first half of next year you can't get the the new bit bitmain s21 that that's got like a 17 joules per terahash efficiency which is way better than the s19s and and so like you're basically everybody's in a rush to upgrade their machine efficiency because post halving you can control our s19 is even going to be effective post having i mean it depends it depends on where global hash rate goes and depends on price you can control your telecoms. Are S19s even going to be effective post-habbing?

I mean, it depends. It depends on where global hash rate goes and depends on price. So that's the thing people miss about this space. They think it's like a one variable or even a two variable space, but there's really a lot more variables than that. And some of them are reactive to each other. So if one thing goes up, another thing adjusts. And so a lot of people are like, well, if global hash rate keeps going up like this, nobody's going to make money. And it's like, well, think about it a little bit more deeply. After the halving, do you really think global hash rate's really going to go march straight up from 500 to 600 to 700 to 800? Or do you think it's more likely if the price doesn't confirm that by marching up and doubling that at some point, some of those uneconomic

machines will come off. And so the people who do have efficient machines and low power costs will actually be more profitable post-haven because it will wipe out some percentage of the hash that shouldn't be mining anyway. Well, in this cycle, it's good to see some of the smart companies buying those machines now, as opposed to the huge orders you mentioned before at the top of the next cycle. A huge issue, obviously, for miners, Core Scientific, I mentioned one of them, is that Bitcoin prices at $65,000. Miners were at historic highs in price and everyone thought it was going to $100,000, $150,000, $200,000 last cycle and put in these massive orders and then the market just crashed.

Like you said, those machines, they had to pay for them a year later, they're sitting in warehouses or they were. So it is nice to see these massive orders happening before the cycle this time. Yeah. I mean, the best companies are all aggressively out in front of the cycle. I mean, look at CleanSpark last year, even when people were still hiding out in a bunker. And that might've been actually rational for a quarter or two. Clean Spark was out buying facilities, securing more machines. They used their ATM quite effectively. And that's something people have to realize is these companies have to... The capital has to come from somewhere. It's not free money, right? You either have to... So they're selling Bitcoin to do that? I mean, is that the implication? No, they're selling equity. Almost every large miner has what's called an ATM at the market facility.

And they're able to essentially sell equity into the market every day via their brokers. And so they're diluting the stock. The question is always like, if you're diluting the stock, is it shareholder accretive? So if I take a dollar from you, you buy my equity and I put a new share in the market, can I take that dollar and turn it into buy my equity and I put a new share in the market? Can I take that dollar and turn it into two or three dollars by mining Bitcoin? And at this part of the cycle, I think the answer is yes. And so it's funny, over a full cycle, it's not always clear that everybody is generating shareholder value because some of these firms, they borrow a lot of money,

hundreds of millions, or they print a lot of equity and they overpay for machines. They overpay for power. They overpay for power, they overpay for sites, they don't run their operation profitably. And so what nets out at the end, somebody might make money if they trade correctly. If you buy the stocks in December of last year and sell them in Q2 of 2025, you can almost close your eyes and make money buying any miner. But if you are looking at the actual average result across all of the shareholders, in a lot of cases, it's negative because what's happening is the companies are essentially destroying shareholder value by making poor and mistimed investments, as you said,

like buying the machines at the top with essentially shareholder capital. I think what's happened in the last six months is the aggressive good companies are actually going to use the ATM capital, the capital they got from selling their shares into the market to actually grow into the cycle in an intelligent way. And I've already seen, I've already talked to several of those companies who raise money at various points when the stocks were kind of hot over the last nine months. And now they've sort of slowed down, right? Because they're now fully funded to their next growth trajectory, their next growth target.

And so they don't need to use the ATM. So it's about raising equity and debt in intelligent ways that don't risk the equity, that don't cost shareholders money in the long run. And we'll see which management teams can do that. You can learn a lot from spending time with them. I've spent time with pretty much all of the teams in the top 10 or 15. I know the CEO as well. I know in a lot of cases, some of the board members, I know how they think about capital allocation. And what you're always asking yourself is, does the CEO care about my return as an investor? Because it's one thing to be constantly growing and telling a good story to the market. It's another thing to actually generate returns that accrue to shareholders. And then sometimes there's a gap between what people are saying publicly and what they're actually doing. And that's hard to assess,

but that's what I try to do. Absolutely. You mentioned the steadily rising hash rate. It's been going absolutely parabolic if you take a look at what's been going on. There's been this sort of idea circulating that I think we can dispel probably, but there's maybe something to it conceptually. This was from Plan B and the guy Marty Party Music. They basically are speculating that miners have been selling Bitcoin directly to BlackRock to seed the ETF so as not to move the market and saying that based on historical hash rate to USD ratio, being that the hash rate is pumping and price is not followed, that Bitcoin should be at 55 to 58,000 right now. Do you think that there's anything to the idea

that BlackRock is somewhat surreptitiously or any of these are buying Bitcoin direct from miners or OTC so as not to rock the price on the open market? So you have to extrapolate this a little bit. First off, Plan B posted something the other day that at least to me implied that he doesn't actually understand how mining works. There was a tweet that he posted that implied there was some relationship between one factor and global hash rate, and there's actually no relationship. I think it is true because I've heard this from several people that BlackRock is out in the market talking to large existing holders of Bitcoin. So I can confirm that with 100% veracity that those conversations are happening. They do need to source large amounts. They don't necessarily want to have a huge amount of slippage if there's a lot of demand for this product. And so they're trying to make sure that that Bitcoin's available. It is

certainly possible at some point they could buy them from miners, but keep in mind that that supply is sort of fungible. So if they don't buy it from miners, they can buy it OTC. If they don't buy it from OTC, they can buy it from exchanges. And so if they were to buy from miners directly, they're removing the primary source of sell pressure. And so it absolutely would have a positive impact on price over time because every Bitcoin they buy from a miner is a Bitcoin that doesn't get dumped on the market on the exchange. So this idea that they can secretly buy elsewhere and not move the price is a falsehood. It's a clear falsehood. That's not the way markets work. If somebody's doing

large buying anywhere from a for-seller or a seller who is going to sell anyway, it's a counterfactual because we don't know exactly what would happen if they didn't sell the BlackRock and they sold on the exchange. But the reality is it's going to positively impact the price if you have a large buyer soaking up supply from any of those venues. Do you think that that relationship between hash rate and USD is productive to look at? I mean, do you think that that is an indication that price should follow because hash rate is skyrocketed so high? Well, I think hash rate usually leads price over the long run. The divergence shouldn't get too wide before it starts to close.

My suspicion is at some point at the middle of next year, hash rate will have started to flatline or come down depending on where Bitcoin price is. So Bitcoin price will either rise quite substantially confirming that that 500 X a hash or so is, is rational or the, the, that 500 X a hash will turn into 400 or 350 to confirm that the

people were a little bit exuberant. And keep in mind that up until literally the moment of the halving, it might be rational to keep old machines running at higher power prices. Because you might be marginally profitable until literally the halving. And so it's like one of those things where people say, oh, this is priced in or not priced in. It doesn't really matter. What actually matters is what happens the moment the event actually happens. Because somebody could see the wall coming, but it might be rational to drive all the way up to the wall before you slow down. And so hypothetically, hash rate could continue to march higher. I suspect that, as we talked about in one of your thing in August, we did one of these and I said Bitcoin's going to 40K before the halving.

That was a little bit more contrarian at 30. I also said on that, I reviewed it and I said it could go down to 25, then up to 40 and then down to 35. Literally do it. Yeah. We're more or less following that kind of pattern. I think from where we are now, given that the ETF catalyst is probably going to be on the books until early January, and given the seasonality, given where DXY is and yields, it's much more likely we're going to kind of the mid 40s, probably by the end of the year, but certainly by the halving.

And I think at that level, it's sort of starting to confirm that the hash rate explosion was sort of rational from the beginning. And of course, once you get into the mid 40s, and then it's like, well, why can't we go to the mid 50s because of how reflexive Bitcoin is? So I wouldn't be surprised to see a 50K Bitcoin price before the having. I think, again, 40K is still my base case, but that might be gone in the next week, in which case everybody's going to have to change their models. Yeah. I was taking a look at Iris yesterday based on one of our conversations and I bought, I think I told you three-fifths, I looked, it was about 385. I bought it yesterday. It's literally a pre-market 463 in a day. Right? I mean, so these are starting to move, right? I haven't even looked across the entire

market, but is this indicative of what's happening with all miners at this very moment? Like, I mean, have they all been pumping the past few days? Well, Iris and CleanSpark have been outperforming the last week, but if you look year to date, you know, CleanSpark was underperforming all year. Hut was outperforming early in the year. And then since then has been one of the worst. You know, Cyppher was actually the top performer up until three or four weeks ago when one of their large holders did a secondary, did a block sale basically in the public market that surprised a lot of people, including me. I knew they were going to do it. I just didn't know they were going to do it at that price. So things can change in the space. But what I'd say, Scott, is we went public at Iris in November 2021 at $28 a share. Partially, we went public at $28 a share because I was in the pricing

discussion and I said we should stay firm because there was some discussion of lowering it just a little bit to make sure we got out. We were like the last Bitcoin mining company that got public before the kind of collapse in 2021. And so the stock went from 28 to one. The company didn't get 96% less valuable. It's just investor expectations about the value of assets, mining Bitcoin got 96% less valuable during that period. And so this is why value investing is so helpful. I have no idea where the stock goes in the very short term, but I do think in the long run, with Bitcoin at higher prices, the value of all these assets should be some multiple of where it is now. So even though it's moved up 50% in the last three or four trading days. The real value of those assets is not 80% or 90% of the assets. It's probably some multiple of those assets because they're going to be quite

profitable if Bitcoin's at higher prices. So you have to have a view on where Bitcoin's going. If you do, if you have a view on that, and you have a view on things like transaction fees, because one of the underpriced components here is if Udi keeps making these JPEG wizards- That was going to be my next question. I'm glad you jumped on it because ordinals, it seems like miners should love these. I think they should too. And the reality is some of the big ones are not even really paying attention because they don't think it's sustainable. Remember, these are hard asset guys. The good miners like energy infrastructure. They like 40-year building lives. They like construction.

They like heavy-duty stuff. And so they look at this frivolous stuff on the blockchain, and it's like, well, thanks for the revenue, but we don't think you're going to be around. And I think that might be wrong, because I think inscriptions might evolve into the way in which you sort of put something into the public record forever. I agree. Serious business stuff, transactions, property titles, legal agreements, et cetera, might eventually end up on a mutable blockchain like Bitcoin because there's no guarantee that if you use some of these other chains that the chain just won't be reorganized. But with Bitcoin, given the hash rate, given the investment into it, it might be the place to do that.

And so Udi might just be showing people a way to use that four megabytes of block space to actually add real value. And if that's the case, then the people who are finding blocks, that block space should go up in value quite substantially. And it might counterweight some of the halving losses. So you're going to lose three Bitcoin or so in the sort of block reward for winning the block. But what if you get a big chunk of that back via the block space and transaction fees? And so I think people are definitely underpricing that. It's not really in the models. Even the miners themselves don't necessarily believe it's sustainable. So if they turn out to be sustainable, that's another tailwind for this space. There was a time earlier this year where those were outweighing the mining rewards, right?

So I would think that they would pay attention if they saw, even for a brief glimpse of time, that they could make more money on the transaction fees and on the mining fees. And this isn't a bear market. Remember what happens in the bull market is the transaction fees go up anyway, even without ordinalist inscriptions. And that's the beautiful thing about Bitcoin is it's the system that's pretty organic. It's like a living system, right? And it changes and evolves on its own well past what anyone can predict even just a few years earlier. And so I just think, yeah, the revenue gets cut in half at the top line with just one component of the potential revenue. But I don't think that's the

end of the story. There's also analytics plays here. Some of these companies are actually developing beyond AI. They're developing software, custom firmware, things that are highly unique IP that I think a lot of people view this industry as just a commodity business, like a gold miner and everybody does things exactly the same way. And there's like a 2% advantage from doing certain things. And I'm not seeing that. I'm seeing some companies have like a 20% advantage over others via the way they operate along a number of different dimensions. And I think that'll prove out this cycle. But right now, it's still a speculation, right? I believe that, but the market doesn't believe that yet. And so they're still viewing them as commodity stocks. And I'm not sure that's true.

I know we're slightly going over time here, but I do want to ask you one more question. This study came out, reveals Bitcoin mining as a catalyst for renewable energy growth and flexible load systems. Okay. I mean, that's something that Bitcoiners have been screaming for a long time. But do you think that, I mean, now we're doing Hamas fund instead, right? So maybe we're off the environment and we're onto terrorist funding and Hamas. But do you think that we are relatively finished with the narrative that Bitcoin is boiling the oceans? Now we have the king of ESG, Larry Fink, the guy who literally created this environmental side of investing. He's out on a road show supporting a Bitcoin spot ETF. We know that there's places that Bitcoin's helping sustain the grid. Do you

think that we may be done with this part of the Bitcoin FUD, the environmental side? I mean, of course the answer is no. We're not going to be done for decades because there's always going to be somebody who doesn't understand the sector and is afraid of it. So until everybody in the world is gaining some direct benefit from this and they can see it and understand it, like a washing machine, right? No one's going to argue washing machines are wasted energy because everybody loves their washing machine. Problem with Bitcoin is there are a lot of people who still don't have any exposure to Bitcoin and they read the headlines and it's attractive to them because they want to hate Bitcoin anyway. So I think the narrative is

changing. A lot of good people have done a lot of good work over the last year. And so there are more examples of mainstream media and policymakers putting out stuff that tells you they're understanding this. But in the long run, it sort of doesn't matter. If you're building large-scale infrastructure in Texas, in West Texas, you are improving those communities. Those communities are going to fight to keep you, irrespective of what the political landscape is in DC or what the media says in the New York Times. It sort of doesn't matter because in West Texas, you can't stop miners. And a lot of the development is happening there. So I think time will sort of solve a lot of this as people see the societal

value of what these companies bring. They're literally going into rural communities where there was no interest in the real estate. The tax revenues were really low. Any heavy industry that was there before has left and they're coming in and they're totally revitalizing these areas. So I think at some point people are just going to say, screw off, you know, left-wingers. You guys don't have bring any value to this debate. Like we care about real world stuff, like whether the taxes get paid and the schools are open. Well, I love that we crushed 30 minutes specifically talking about minors. There were other topics I want to talk to you about, but you got to come back soon. I want to put a

bow on Binance with you as well at some point. Anytime. We could do a separate space once we figure out whether CZ is going to be in prison or not for 18 months. Yeah, I think that'll be very interesting. Some people are saying longer, I'm not buying it, but we'll discuss. Guys, Mike should be in the description. Yeah, he is. His Twitter name is in the description. When I'm on my own producer, I don't really know what ends up anywhere on YouTube these days. But Mike, thank you very much, everybody. Please follow him. Always a great to get the perspective. And I mean, I'm very convinced after you sort of like, uh, hinted at it to me and I've heard you talking about it made me do a deep dive. And I really want, you know, I know there's been a real thirst for this information. You've had people asking you all the time, like do a stream,

do a spaces, do something, explain this. So I'm glad that we got to do it here. Awesome. Thank you, Scott. Thanks, Mike. I always see over here, by the way, in the comments, where are you? Crypto golfer. Where are you, buddy? Always saying hi from Vero Beach. Where is it? It's here somewhere. Morning. Good morning from Vero Beach. I live in Florida and I always see this and Vero Beach holds a very special place in my heart. When I was growing up, I was a huge Dodger Beach. I live in Florida and I always see this and Vero Beach holds a very special place in my heart. When I was growing up, I was a huge Dodger fan. I was born in LA. My family was from Brooklyn when they were the Brooklyn Dodgers. I grew up literally, everything in my room was Dodger, everything. Fernando Valenzuela, the pitcher on the Dodgers

was my hero. And so we used to go down to Vero Beach where they had Dodger Town and it was incredible. And two of the most momentous events in my life happened in vero beach one of them was that we literally chased probably should have done this chased for fernando valenzuela to his uh airplane they were leaving and i wanted to get his autograph and someone was like he's going to the airport we went there and he wouldn't sign an autograph and my brother my older brother literally like screamed to him you're my brother's hero why are you being an asshole and then uh it was like it was, I think Jesse Orozco was with him, the other pitcher. And he got him to sign the ball for me. It was like, come on, Pedro. That's what I called Fernando Valenzuela. Come on, Pedro, man, sign a ball for the kid. And the other one was that my dad's like lifelong

hero. The only person I think could have ever like shaken my father's stoicism was sandy koufax and at the time in the 1980s sandy koufax was actually one of the pitching coaches for the dodgers is helping out and we met sandy koufax at dodger town my dad was like literally for i've never seen my father uh look like that he couldn't even speak to the guy we took a picture of him so vero beach i didn't know i would go on a rant on Vero Beach. And just before that, Mike Alfred talked about West Texas. Well, I've got Texas West Capital. All right, dude, are you like building miners out there?

Is that what you're doing in your spare time? Are you? I know you're there. You give us the man on the street view of what's happening with the mining industry in West Texas. Yeah, no, I leave that to the professionals. But yeah, you know, it's been coming for a while. It's been building up, you know, Texas, we've got land. We got lots of land. And, you know, everything from, you know, it was oil and then wind farms. And, you know, based on all that energy and all that excess we've got there, the flaring on the oil wells and all that kind of uh, you know, based on all that energy and all that excess we've got there, the flaring on the oil wells and, uh, all that kind of stuff, you know, the big Bitcoin miners

started coming in and using all that, um, you know, it's something that would normally have been wasted, uh, using it to power the miners. So, um, it's a good symbiotic type relationship there where, you know, we were going to blow off all this energy and all this stuff anyway. And, uh, you know, someone coming in there and using that. So, uh, I don't have a problem with it at all. And, and, and then there's the whole thing about, um, you know, Texas has its own, uh, electric grid and, uh, the miners actually help with that. You know, the thing about grids is they have to stay stable, right? You can't have these big fluctuations. And so, um, you know, when, when there's a big demand, all of a sudden, right. When it gets really hot out here or, you know, really cold, which it does occasionally, you know, the miners are in agreement to shut off their mining.

And, you know, that helps keep the grid more stabilized and, you know, keeps us from really wishing we were somewhere else. So, yeah, yeah, it works out all right. I love the comments over here. Beans and Rice says,, Texas. That's right. Baby, they says cotton, cattle, oil, wind farms, and short skirts. I see he's talking about the Dallas Cowboy cheerleaders now. And all right, let's talk about some charts, although I could do short skirts all day. Let's talk about some charts. What are you looking at right now, man? Oh, man, still same thing here with Bitcoin. You know, again, we've been talking about this since we got the breakout here

and the idea that we would continue to accumulate and then break out higher. That is exactly what it looks like we're doing here. You know, I know a lot of people wait for that pullback, but as you and I have talked about so many times before, especially in the early stages of a Bitcoin bull market, you usually don't get the pullback you're looking for. So I think right now is definitely the sidelines. There's no question. the early stages of a Bitcoin bull market, you usually don't get the pullback you're looking for. Max Payne right now is definitely the sidelines. There's no question. Max Payne is, I'll buy the 32 dip. I'll buy the 25 dip. They keep moving their dip buys up high. They just never get to

the dip. And then when they do, they get nervous, right? They get nervous here. And then it goes up. Because they still have to buy at 12K. They still have to buy at 12K, Chris. Yeah, well, certain big accounts still do, but we won't go there anyway. Yeah. So, you know, again, nothing different looking here. Really looking at a 41 and a half to 42,000 next kind of, you know, target up there. You know, I heard Mike, uh, uh, Mike, they're talking about, uh, you know, looking at a 40 and potentially 50, uh, you know, by, by the, uh, the having, uh, again,

you know, nothing I haven't been talking about since, uh, gosh, probably what Q1 of this year. Um, and so it just, you know, again, even, even if we don't look at the current structure and what's going on here, typically Bitcoin retraces that 61.8 at least of the whole bear market prior to the, you know, to the halving. So nothing surprised here. It keeps doing what we expect it to do. And people are going to keep fighting their emotions because it's tough. It's tough. You know, it's tough if you're a trader out there and you haven't gotten it down yet.

And you've got accounts that say things that sound like they really make sense. And, you know, you're emotional, you're worried about losing money. You don't know a whole lot about risk management, proper risk management and whatnot. And so, um, you know, it's, it's tough and it keeps you on the sidelines. It keeps you on the sidelines all the way up here, all the way up. And then, you know, you were going to buy the dip here, but then it got to you and, oh man, no, it's,

it's really going to go down because everybody's screaming how it's going to go down. Then it goes up. You go, oh man, I swear to God, if it comes back, I'm going to buy. Cause back again, to you and oh, man, no, it's really going to go down because everybody's screaming how it's going to go down. Then it goes up. You go, oh, man, I swear to God, if it comes back, I'm going to buy. Comes back again. You're like, oh, man, no, I'm not going to do it. It breaks out again. And like you said. Going lower. Yeah. Because you got to. Right. You got to go lower. Yeah. The pain is on the sidelines. So now we always have this sort of like interplay between what Bitcoin is going to do and what altcoins are going to do, obviously. Right. You want to kind of be in altcoins when Bitcoin is sideways and chilling, but there's no major fear of it going down. It goes up, it accumulates, you want to be in altcoins. I'm not a big fan of charting

Bitcoin dominance, by the way, because it's not a traded asset. There's no reason that there would be resistance and support because there's no person buying or setting orders. But I think that everyone's watching and it gives us an indication. It looks to me like Bitcoin dominance is breaking out here. If for people who do chart it, that doesn't mean, by the way, guys, you see that and people panic. That just means that maybe this is like a time where Bitcoin is going to kind of carry the market up a bit. If Bitcoin is going up and dominance is going up, you're not going to lose money on your alts. You're just losing Bitcoin value. but this feels like one of those moments where maybe people are going to start focusing back on bitcoin for a little while while alts consolidate yeah yeah you know again that

would make sense because you know we are consolidating right up here um at that uh that daily r1 pivot right at the top of that of that um range here and so you know, above the EQ looking to get that, that breakout higher. So yeah, you know it would make sense, you know, everybody going to kind of jump in there or at least enough that it brings that dominance up with it as you're seeing. And you know, and then people will be back to all. So, I mean, at this point, I think people are just doing well. They're still doing well, like I said, USD pair and some of them like now it's just weird this this time it's like you really actually have to pay attention and find the right ones like you know if you remember the real alt seasons of the past it's like just literally buy anything and wait three days yeah yeah right now you're now like most of them are

actually still underperforming even though you see these few select ones that are just ripping yeah but i think we'll be back to that though. I don't think, um, I don't think that's something that's only in the, you know, in the rear view mirror. I think we'll be coming back. I like all tier for, I'm just saying, I think it's one of those temporary things. If you're aggressively trading it where we might see some FOMO back into Bitcoin, if it starts to really push and hold above 38. Yeah. Yeah, exactly. Exactly. So, you know, um, you know, me, I'm a big, uh, mostly, uh, you know, I trade, uh, the larger caps here, um, exactly. Exactly. So, you know, me, I'm a big, mostly, you know, I trade the larger caps here, looking for liquidity, looking for stuff like that.

But for everybody here, first of all, who the heck's buying IOTA, man? Look at that. Up almost 42% in the last couple hours here. You bring out like the classics from the past cycles that I have forgotten even existed. But look at that. And look at the volume. It's huge.

It's huge. Somebody came in and popped it up. And for me, it looks like a third wave. Right here, you get a one, a two, and a three. So I think it'll probably go a bit higher here. Wouldn't be surprised to maybe see it getting up here around maybe about 26 cents or so overall. But again, that's just this local right here. Wouldn't be surprised to maybe see it getting up here around maybe about 26 cents or so overall. But again, that's just this local right here. That's just this one, two, three, get a four,

get a five. But you know, again, we do have these other kind of moves up. So, you know, it's like everything else. I think we're just kind of getting into the whole, let's move higher with it. You can see that right, let's see, right around this area right here, we had this good kind of getting into the whole let's move higher with it um you can see that right let's see right around this area right here we had this good kind of breakout and had a quick wick back down but back up found support again at this uh kind of this um horizontal support area kind of throw it in there real quick like that so many charts look like this it's amazing yeah yeah i mean it really is great you can go out there and you can find a whole lot of charts. And the fact is, with so many of them looking like this, it really just kind of, if you're wondering, oh, my God, are things going to break down?

Is Bitcoin going to go down back below, you know, 12,000 or something? I think it's so, so far unlikely. I mean, I can't guarantee, obviously can't guarantee anything, but the odds of that is so significantly low. And especially with the more and more charts that we're seeing like this, which appear to be making these longer term bottoming type areas. Right. This one isn't, you know, again, right here, you know. So I think I think you just kind of you got it. You got to be looking long. You got to be looking long in the market right now. Yeah. What else are you looking at? I mean, so how do we find the IOTAs right before the IOTA? Yeah. You just got to see

that. And this is the whole thing. This is what I talk about all the time, right? So picking bottoms and tops is not an easy thing, but it is definitely very doable. As people have seen, I've been doing this all year long, right? And it's just, man, you've really got to get it. I can't say it enough. You've really got to get into Wyckoff. And not just the silly stuff, the couple of things that you read online. You actually have to get real education. You've got to get real training in it.

Because otherwise, you read what you find online, and you really don't have a full understanding of what's being said. And you assume, oh, it's this quick overview thing that people are saying. And then you wonder why it doesn't work. Right. But man, I tell you, there's so much of it out there. And, you know, we've got right here locally. Well, here's a local chart. Let me give you this local chart right here. So we've got this range going on. This is AR USDT. AR Weave. Yeah. And yeah. So, I mean, I think we've got a one up here and we're pulling back for two. So I think we're coming back here around $7.52 to maybe $7.63. This is that 50% to 61.8 retracement.

We could go down to 70 and a half at $7.43. But basically the idea is we're looking to pull back about mid range and then we should kind of pop out higher. So I've got targets of $8 and basically 63 cents $9 and 25 cents to the $9 and 63 cents. Once we get this pullback toward this, this retracement area here, kind of fill it in this fair value gap. And maybe even this little bit of a fair, fair value gap as well. So I think, you know, if you're looking for a little bit shorter term play, I usually look a lot, you know, larger terms to give people really some time to look at it. But this one,

yeah, this is a four hour chart. So I think it's a good setup there coming in with it. Have you looked at Coinbase, by the way? Speaking of Wyckoff, have you looked at the coin chart of late? Oh, man, I've got, yeah, I've got a... Want something to leave an accumulation. Let me do this. I didn't mean to, you know, catch you off guard, but let's see how yours looks the same as mine. I mean, look at this range. It's just leaving.

I mean, my gosh. I absolutely love Coinbase here. Yeah, yeah. I might have to go back and redo this range. I didn't mean to put you on the spot but yeah yeah i mean big news yeah big news here you know i think we're probably um coming off the bottom here i think we're probably five waves up so looking for a pullback now uh maybe and i was looking off this you know right around here around this 72 73 dollar range i was looking for

this rally up to uh the eq of this uh. You got along right there on the chart. Nobody can deny it. You pulled up your chart and there was a long position with a stop loss right there. Yeah. Yeah. So, I mean, you know, and it wouldn't have been, wouldn't have been a higher, but you know, we don't worry about it's 117 and a half was the target. It went up to, you know, 129 basically. I mean, but you know, a lot of traders, especially newer ones again, they're like, Oh my God, you know, left money on the table. Well, no, I got, I got a 12 and a half hour on this. I, I, I risked 1% and made 12 and a half times that. I mean, in, in a month, it's, it's, you know, one trade, it left me 99% of my capital to trade elsewhere. Um, it's, it's amazing trade. It was great trade. And, uh, you know, uh, people,

man, I was surprised how many people I, cause I posted this, uh, the other day and how many people got really kind of offended that I would have gotten out of the trade here. Uh, but you know, it was local here. I do have, you know, larger targets one, two, one, two here potentially going up or it's, uh, you know, five up here and pull back, but either way, not too really worried about it. I think we're going gonna get some pullback on that um now so yeah yeah i've tried not to get too cute with coin i just bought it all the way down uh now yeah even which is fun yeah yeah i might trade i think i mean you just showed the rsi there you can see i mean it's at like not almost uh top to 87 i mean i can i have it here i mean can see, I mean, it's at like, not almost top to 87.

I mean, I can, I have it here. I mean, this is, I mean, it's as overbought as it's ever been. So if you are looking to trade around a position, this seems like a reasonable place to kind of catch a dip. But you don't need to get, I wouldn't like go sell in your whole position right now

if it's an investment. Yeah, yeah, exactly. I think that was the one that Jim Cramer, when it first came out, was like, oh man man it's a buy here at like 400 or something uh and then he kind of said oh yeah get rid of it when it was down toward the bottom and man i don't know man kramer he seems like an emotional trader it kills me it kills me i hate to see it but you know it is what it is all right i interrupted your flow there with coinbase, but I see flow. I see flow right there. So I don't want to interrupt your flow.

No pun intended. Well, this is one I'm really kind of liking here. ADA. So, you know, everybody has personal opinions. The Cardano people are going to be so happy. I get yelled at in the comments every day. You purposely ignore ADA. See, we're not purposely ignoring you guys.

Go ahead. Nobody purposely ignores. No, we just got like, you know, 78're not purposely ignoring you guys. Go ahead. Not only purposely ignores. No, we just got like 78,000 coins. We just find what we can. But everybody's got all these personal opinions about why certain cryptos need to do whatever. Guys, I'm going to tell you what right now. None of the cryptos out there are worth anything more than their chart at the moment. Okay. It is still basically just speculation. You know, everybody with, Oh, this team is great and it's going to do this. And they've got these partnerships. It's no different than what it was. The ICO craze back in 2017.

Um, you know, there, there's nobody out there that's going to stand out just because of whatever right now trade the damn charts, right? Yeah. I said that. Um, so this one, I mean, you know, we're looking good here. We've got, you know, five, a pretty clear five waves up. We pulled back 50% here. You know, we've got this accumulation, which looks pretty good in here with our, this dip. We got like this spring here with this great bit of volume. And then we had a test and this test, it's significantly less volume. That's what we're looking for. And that's why we're getting this rally back up overall. I think, uh, initially and minimally, we've got this target up here around 76 cents, um, right here around the

EQ of, uh, you know, this right above that weekly pivot area there. But, you know, honestly, I mean, to me, it looks like, uh, you know, we continue up to new highs. I'm looking for a breakout above this swing high right here at about $1.24 or so. If we can get that, I feel pretty dang positive about new all time highs. I've got a couple of, you know, local targets here at $5.20 and $6.38. I'm just going to go start tweeting about ADA right now and how Chris is catchable so that I can get some new friends and maybe they'll leave me alone. There you go, right? But I mean, this is a clean chart. I mean, this is so clean. The movement is so nice and easy here on the weekly. The range here is just absolutely beautiful. You know, I think you probably get like a rally up and a pullback and a rally up higher and then a pullback

and then you kind of get that movement out. But overall, we're kind of getting to that point where we're going to see that big move up. So, you know, if you buy in here, I mean, you have to buy in with the thought of this bigger chart, right? Because you're going to get pullbacks along where you might get a pullback to the EQ of the range here at around 32 cents, 31 cents. But a lot of people that, you know, they'll look at this chart and they'll go along here and they'll put their stop loss at like 38

cents, but you can't do that. It's a weekly chart. Why would you do that? Right. So I think, you know, I think you can probably get in here. You know, you put your stop loss down here if you have to, if you're going to get in here on this big weekly, but you know, again, weekly, you're looking for the big moves up. So, you know, you, weekly, you're looking for the big moves up. So, you know, you can zoom into a smaller time frame. We're probably getting a better chart. But, I mean, just overall, I think it's looked great. Accumulations are just about done in here.

And we should be breaking out higher on that. Perfect. What else you got? Let me see here. I've got RPL, USDT. So this is kind of interesting. I'm looking at the possibility that maybe we've got a one, two, three, and a four here. We've got this wedge looking for a breakout of the wedge target of 2885, which basically

is just this descending channel resistance. And so the idea is we'll get, you know, that'll be one up there. We'll pull two to the pullback and then three will pop on out and we'll really kind of get moving with that. So I think overall, you know, especially if this is kind of holding right around this area, we're at, it's about a 50% pullback. We'll see what happens here.

It's kind of trying to pull back a little bit more, but you know, we'll look for that, that breakout of this wedge to kind of get us that movement up to the descending channel resistance. And then I'd look for either it'll pop out really hard and head up here toward the r1 at 30 30 or uh 30 and 30 cents or so or it'll get rejected pull back around where it is here and then break out so um you know i'm i'm open to either thing happening there um let me see what else i got

uh oh i've got tau usdt man this thing's been popping up a lot as you can see obviously i've been here i've been hearing about it a lot i i was made fun of on spaces people they were talking about i was like what is a tau i have no idea and then i know ran did like an entire show on it i'm so behind the times on the new alts but yeah well you know me man i never really know what these things do i just have been the two like tao and tia are the ones that everybody uh which is not tia craft apparently but it's actually an offline but uh for the boomers but uh yeah so these have been very hot topics yeah i mean so we're looking good here we're kind of uh range bound here um if we can get a breakout of this uh resistance I think we'd probably

go to three 77. If we get a breakdown, I think there's a good chance we see one 48 and a half. Um, in which case then we'd look for, um, a bigger rally up out of there, probably up here around a four 81 or so, uh, if we do that. So, you know, uh, really just to kind of keep it simple here, and this is the daily, I, you know, if we can get a breakout of the, of the range resistance here, we go 377, we get a breakdown potentially as far down here as around, you know, 148 and a half. And then we'd look for a reversal there to kind of carry us back up here around, um, 481 or so. Uh, but yeah, I mean, it's just absolutely just fantastic movement here. Um, you know, where, where, where did you want to buy? You wanted to buy right here.

You wanted to buy this right here. Um, I think that's the case with most of these coins right now. There was a much better entry than whatever you're getting today. You have to accept that. Sorry. Oh yeah. Yeah. You can't sit there and cry about it at all. I mean, look at that. The range is on there looking great. And then you had the breakout. Then you had the jump across the creek here. But, you know, again, it's the same thing with Bitcoin, right?

So this is no different than Bitcoin's recent reaccumulation area. You get the breakout. Everybody expects the pullback to retest. Instead, it just accumulates as it's rising here and then pops out higher, right? I mean, this is the same, basically the same guy thing we're looking at on, uh, on Bitcoin at the moment here. So I just want to point that out because so many people think, you know, price always has to come back. It doesn't ever have to do anything other than what it's going to do. Um, let me see here. Last one. I've got flow here. Uh, let's see. Flow is still pulling back here. We've got this 60 let me see what we're at we're right about 61.8 we may or may not get uh the breakout here but if we can let me say 70 and a

half's right there around 64 64 and a half cents so that'd probably be where i'm looking if we can get that and it reverses back out and breaks out higher here, uh, I think we've probably, you know, 72 cents. And then, um, just about 74 cents is the two targets up there. If we can get this reversal around that 70 and a half, uh, four hours, let me see. What does that one hour look like? Come on. Yeah. Yeah. One hour is looking like we might get that from around that area. That's perfect. Someone was asking us yesterday about SEI. Did you see that say, I think it's called? Yeah, yeah. And then I was going to do it. Yeah, I know. And then I had just posted it and I was like, damn, that's a nice rounding bottom

if you're looking for a launch. I mean, I guess get called a rounding bottom since there was never a top, but that's a pretty hell of a nice pattern. And I said on Twitter yesterday, this reminds me so much. I don't know what it's going to do, guys, whatever, but it reminds me so much of when Elrond ERD became EGLD. It launched this rounding bottom. This was my entry I've talked about forever. I was so bullish on this.

It went to $500 from $10. It was great. It was a great buy. $544. I mean, I still have a large position in this. But, I mean, just like that launch great it's great 544 i'm still i mean i still have a large position in this but uh i mean that just like that launch when it rounds out like that and then breaks out and look at that retest i mean that pretty pretty there's a lot of buying yeah yeah that's where i like to see those types of uh those rounding bottoms like that right there where it's just

kind of launched launches up pulls back into that big you know extended rounded bottom because that's a lot of accumulation going on there just waiting to do that and then everybody kind of launch, launches up, pulls back into that big, you know, extended rounded bottom, because that's a lot of accumulation going on there, just waiting to do that. And then everybody kind of jumps in on it as you start breaking those, you know, those major areas. These new coins, man, I'm telling you, there was this, the other one that I said, Tao and Tia, right? I looked at that. I literally just saw people talking about this on X a couple of weeks ago, maybe a week ago. I don't know know because there's only a four hour chart it was maybe in here and i will i was like yeah it'll retest uh 290 and i bid 290 here and it went all the way to 740 and i never filled anything so like you know kind of the same idea there yep it just never came back i don't remember i was bidding in this area looking for the retrace i was like it'll obviously retest this. Yeah. So I completely missed that.

I could have just market bought and ridden that to $7. And that being said, I want to point out that usually the retest happens. So if you took a position that if your trading plan was like, listen, I'm always going to wait for the pullback I think you'll end up being More More successful than if you're Always looking for it just to break out and continue up You know a lot Enough times it does break out as we're seeing Here and it continues it doesn't get the retest

But I think the I think that's more the still the exception more Than the rule and so you know you can't feel Bad if you're kind of looking at all my guys I'm waiting for the pullback and it didn't pull back yeah i think more times than not it's going to pull back but yeah it's just part of trading right what's the the meme the guy with the tattoo no no regrets or whatever he spells it no no regrets man i love it man everybody follow tx west capital on twitter x twitter x x, X, whatever it's called, the Twitter, whatever

the hell we're calling these is. I just saw you're going to be on spaces with me in 15 minutes, right? Yeah. Yeah. Yeah. We're going to run it back, guys. Come over to spaces. We're going to run it back in 15 minutes.

Talk more deeply about what's going on in the market and cover a bit more news. This is the kind of content I love, guys. I'm just saying you like to have Mike come on and completely break it down with that much alpha, and then to be able to switch over and look at the charts and get a really agnostic view of what the market's doing without the emotion. I mean, listen, this is the content that we definitely love making here. I know it's not. We didn't tell you what's going to 100X next, and I didn't scream at you in the thumbnail. I'm sorry, guys. But, you know, we'll get the people here to hear this.

Thank you, Chris, very much. I will see everybody tomorrow. Tomorrow, I've got Matt Hogan from Bitwise, and he's actually kind of convinced me that there's a more than 10% chance that the ETF does not necessarily happen by January 10th. And he's pretty deep in it. Not because he doesn't think it will eventually get approved because there's a technicality that literally nobody's talking about that could kick the can pretty far down the road very easily. The SEC. We'll talk about that tomorrow. Chris, thank you so much, man.

See you in 15. Bye, guys.