The Wolf Of All Streets - Ethereum To Skyrocket To $5.2K? AI Coins Go Nuclear

Starting point is 00:00:00 Technical analysts believe that Ethereum could be ready to skyrocket to $5,200. Frankly, you've been hearing me talk about Ethereum so much that you know that I would say, why so bearish, guys? I think we can go much higher than that. AI coins are going absolutely nuclear still because Nvidia crushed their earnings, which a lot of people thought was not possible. Is this really hype? Is there something real here in crypto with AI? We can discuss that as well. And more importantly, I've got Charles Jansen from S&P Global here to talk about the important things in crypto, where we're really seeing adoption and what's going on with stable coins around the world. Texas West Capital on the back half. Let's go, guys. What is up, everybody? I'm Scott Melker, also known as

Starting point is 00:00:59 the Wolf of Wall Street. Before we get started, please subscribe to the channel and hit that like button. I readjusted my camera to get my head in and now I look like I have no shoulders. Honestly, the camera struggles, man. Something happened with my camera. It's too zoomed. I feel very uncomfortable. But here we are. Anyways, the people who listen to this on audio, they can't see it, by the way, and they're just going to tune out and think that I'm nuts. But that's fine. Today, we are going to talk about adoption of crypto all over the world. Stable coins, Argentina, institutional adoption. We've got a lot on the docket.

Starting point is 00:01:36 I'm going to go ahead and bring on one of my favorite guests right now, Charles Jansen from S&P Global. Good to have you back, man. It's been a while, actually. Hey, yeah, it's been like almost a year. Good to see you again, Scott. Has it been a while, actually. Hey, yeah, it's been like almost a year. Good to see you again, Scott. Has it seriously been that long? That's astounding. Well, you know, listen, a lot's happened. We obviously talk about the fact that you're from Argentina or you lived in Argentina and you were there until not so long ago. A lot's changed in Argentina since then. Yeah, a lot. So since last time we spoke, I think at that time, inflation was maybe around 100%.

Starting point is 00:02:05 They went even higher. Poverty went higher, but they had a huge change of president. They have somebody that wants to do what the president two times ago didn't do, which is not go with gradualism and just electrify the country, just do the hard way immediately. So we'll see how that goes. What's interesting is that it's pro-Bitcoin, it's pro-crypto in general. I think some transactions were already done in Bitcoin.

Starting point is 00:02:35 And just as a reminder from last time we spoke, Argentina is one of the places that use stablecoin a lot, right? If you want to save, you cannot save in pesos, so you'll save in dollars. People want dollars. And now most of the black market, the cave where you go, accept USDT. So that's a big market for stablecoins. And if it starts to become more regulated in some form, not totally legal, I just wonder if a country like that might lose their currency. And in this specific case, well, the president is in favor of using the U.S. dollar. Do you think that USDT, are you hinting, could theoretically become illegal in a country like Argentina?

Starting point is 00:03:19 I mean, to your point, I know Argentinians. I've told the stories a million times, but generally people would go to the black market, pay an exceptional premium just to get cash, and then United States cash. Then they would go to the bank and put it in their safety deposit box rather than putting it into the actual bank account. So people have always wanted dollars. And that I think has been the case around the world. I think much to the dismay or despair of hardcore Bitcoin maxis, because every metric that we have shows that when people around the world want to exit their inflationary currency or want to get access to better money, they want dollars. They're not going for Bitcoin. We're

Starting point is 00:03:57 seeing stablecoin adoption skyrocketing everywhere around the world. 100 billion market cap now has been surpassed for Tether. I mean, it's an absolute beast. Yeah. And so, well, you know, if you want to invest and speculate and maybe hope to earn more, like investing Bitcoin makes sense. Like it's just my opinion, not the one of my employer, but it makes sense. Now, if you want to save and be safe and maybe buy a car, buy holidays to Disney World with your kid, then you don't want the fluctuation, right? Because you don't have four years, so the cycle will come back. Now, specifically on stablecoin, yes, there's a lot of development and we can touch later on the product we just launched. But the consequence of launching this product,

Starting point is 00:04:41 which is a stablecoin stability assessment is that we've been contacted by many stable coins that don't even exist yet and and it's just they're popping up everywhere i don't know if you saw a white combinator mentioned that they are also focusing on investing in stablecoin companies just from the news um john powers mentioned that there is a need to have a stable current legislation in the US because we're a bit behind with MECA, etc. and other jurisdictions taking care of that. So what you're showing here is the stable current stability assessment. Do you want me to go over it? Yeah, well, so yeah, I mean, give us the broad strokes on what this is, obviously.

Starting point is 00:05:24 Guys, just to give context, Charles and I have been talking for years. We've had him on and there's another Charles that works with him. We used to make the Charles and Charles jokes. Charles is in charge, I guess. But S&P Global, obviously one of the largest, most credible financial institutions in the world, has been deep with these guys in the crypto market for quite a while. After we dig into this, Charles, I want to get your feeling on now seeing all these ETFs approved and everything, because that wasn't even on our radar really when we started talking, right? So the institutional adoption side. But yeah, I would love for you to dig into this because,

Starting point is 00:05:58 A, we're already seeing algorithmic stable coins coming back. I'm actually interviewing this afternoon the CEO of Ethina, which is taking the world by storm here. It seems kind of risky, right? They're offering 7% yields. We're seeing that kind of thing again. We're seeing USDC pulled from Tron, right? So there's varying degrees of risk and interest in stablecoins? Yeah, so we started our team around two years ago and something that was consistent as feedback was can you provide visibility on stablecoin? And this was from before USD.

Starting point is 00:06:36 So of course, even more after Terra Luna. So basically here, what you're showing is a page where anybody can go. It's gated, so it's a form to get in, but it's free, and you can access the different assessments we did on eight different stable coins. So the idea is to continue to add more and more by explaining a bit what it is. So basically, it comes with an assessment and a score. So now you have different scores from one to four,

Starting point is 00:07:04 one being the best four uh one to five so if i being the worst and the way it's set up is first the analyst will look at the quality of the asset and then you'll have a first score and then this score can go a notch down depending on the governance the legal framework the liquidity the the track record etc so it it's focused on the probability of a dpeg nobody asked us to do it nobody has to pay us to do it it's something we're doing in a not issue paid ways it's not like a rating it's not a rating that's why we always say it's a score but it's something that now give a benchmark on what is the probability of a DPEG of those different stablecoins. And, well, we receive a lot of demand from a lot of new stablecoins that don't even exist

Starting point is 00:07:54 yet. So it's really interesting because we find out that they are really, so I cannot share names, but they are really strong entity and powers, for instance, in the Middle East, in Asia, in Europe that wants to come with stable coin that they would own and would be extremely heavily regulated. And this could even include looking at getting them rated. So rating is something different. Rating is the probability of default of something, something you do typically on a bond. But here it's the same. If I put my money in this stable coin,

Starting point is 00:08:29 what is the chance I get my money back? So now this is useful for the institutions because there's a lot of different institution that are not that familiar yet with stable coins. So it gives them a third party opinion by somebody that is not involved in any deal. And I expect all stable coins to be score and rated in the middle term. Okay. How many of these are safe?

Starting point is 00:08:53 Right. You just said you're seeing a ton of these coming on. We've seen obviously a number of them, quote unquote, fail or disappear or have FUD. Right. UST, you mentioned, Luna being the biggest one. We've seen sort of a lot of FUD around TUSD, right? And so we see them de-pegging. Even Tether and USDC have had slight de-pegs. USDC last year, I think, was viewed very much as the strongest and safest. And they had over $3 billion in Silicon Valley Bank, which was a risk I don't think anybody was assessing. So are stablecoins truly safe or is this just a sliding scale?

Starting point is 00:09:32 Well, they all have their own risk. If you look at the different assessment, and I invite all your audience to just go there again, anybody can get in, Nobody is at the one grade level. So nobody is at the safest grade. There is a few that are at grade two. There is a few that are at grade five. So stablecoins come with their own risk. It's true for tokenized cash.

Starting point is 00:10:01 It's true for tokenized treasuries. When I speak with people launching this product, for instance, for tokenized treasuries. When I speak with people launching this product, for instance, with tokenized treasuries, because we can also rate that, what they are telling me is, oh, well, but we have, you know, double A, triple A treasuries in as assets, so we should have the same kind of rating or evaluation.

Starting point is 00:10:21 But truth is there's a lot of operational risks. There's a lot of different angle on what would happen if this protocol or this company goes bankrupt, was a custodian. There's a lot of different risks. So stablecoin are at different grade of risk, and that's what we tried really to show here. But we cannot say this one is without any risk for sure so let's talk about the etfs obviously

Starting point is 00:10:47 as i mentioned you and i have been talking about institutional adoption smp global you guys were one of the biggest names that was sort of openly working in this space ahead of everyone else maybe you guys fidelity you know a few of the bigger names What did it mean for you to see the SEC approving, begrudgingly, a series of Bitcoin spot ETFs? And how does that affect what you're doing at S&P? So we don't have a direct impact, but we have some impact. So we were the first to launch Bitcoin ETF in 2020, Bitcoin index, sorry, in 2020, which all the ETF will be using index indices because it's just not one price of Bitcoin. So you need to define what you're following. Now, what is really interesting.

Starting point is 00:11:33 So the SEC approval was huge, but just the fact that BlackRock getting to the game was also huge. And if you remember when it was, it was like the same week or the week after the SEC was suing Coinbase, I think. Yeah, Coinbase and Binance. And Binance. So it was really a low in the bear market. It was really the moment where the skeptic were very happy. Larry saved us. Larry Fink literally saved our entire market.

Starting point is 00:11:59 He had a huge impact. Atlas shrugged. Yeah, he saved us. And everything he's saying also, right? When he's interviewed, he's speaking about the tokenization of everything, how all security will be tokenized, which is exactly what I believe in and my team believe in and Chuck also. So that was huge.

Starting point is 00:12:18 Then the SEC approving it, I think it's just a statement. Again, that's just my opinion. But it's a statement that now crypto and Bitcoin and all those stable coins, et cetera, and other tokens are inevitable. It is happening. I think BlackRock is pushing for an ECTF. So I think it's likely, again, it's just my opinion, but I think it's going to happen.

Starting point is 00:12:44 I'm not that sure about future ETF on like other token because many are companies. So it's harder. You'll have half and half. They just don't have a market of meaningful size and there's no way for them to really track. Ethereum has a CME futures market, right? So there's an underlying, you don't have any way to say that Solana is not manipulated right now, right? Just, you're not getting that past the SEC for now.

Starting point is 00:13:12 I agree, I agree, and same for most of the token. But what is interesting to me, and I'm thinking a lot about, I'm curious to have your perspective is, well, a nice ETF is definitely something very interesting. But I think investors pretty quickly, when they start understanding what a CERIOMA is, will want the yield included in that ETF. So we saw that ARK filed, when they refiled, they added staking as a potential thing. A lot of people saying that gives the SEC a reason not to approve. And I can't argue with

Starting point is 00:13:44 that, right? So we have the argument that if they file in the same exact manner, following the same path as the Bitcoin spot ETFs and the Ethereum spot ETF should get approved. This is a different wrinkle because you're allowing ARK obviously to take those funds and do something with them actively, which is staking. But if that is approved and people start to understand institutions that they can earn a 3%, 5%, 6%, 7% yield within that ETF, it's just massive. And I think that... So actually, I think an Ethereum spot ETF that gets approved without it, we will have a lot of hype and very little interest. As much as I'm an Ethereum bull, we saw the Ethereum futures ETF launch. I mean, these things did like 20 million in a week, nothing, right?

Starting point is 00:14:27 Maybe that was timing, but I just don't think the interest is there in Ethereum yet, unless they start to see that yield. I think the yield from validating will probably be a phase two and the like of BlackRock are not asking for that. Also, it comes with new risk since I'm focusing on that. What is the risk of the validating service that you use? Because most of those companies will not validate themselves for the ETF, right? So you'll have to go to some of the big validator. There are more and more being created. They each come with their own risks again what happened if they get bankrupt etc um but i i still have hope

Starting point is 00:15:08 for a big adoption of this etf so bitcoin is so famous that well it obviously was extremely successful as an etf but i think we're still in the wave of the bitcoin etf and anybody kind of investing in the bitcoin Bitcoin ETF now from institutions is probably starting to do some deep dive on the number two on ETH and Ethereum. So I think it could still be something very powerful. Again, it's just my opinion. I think with time, it will be very big. I just don't think it will be the same type of hyped launch and the coin tucky derby as they dubbed it with 10 issuers. And I think that it will take a lot longer for institutions to go further down the rabbit hole.2K. If you look at charts, it looks like that's very likely. Ethereum right now is beating Bitcoin, at least temporarily,

Starting point is 00:16:09 if you're looking at the price action. And I think it's a lagging narrative that is yet to come. And then you add the Ethereum spot ETF narrative into it. And I think that from a trading perspective, it becomes a very sort of compelling trade personally. And listen, that's still where all of the TVL is, right? People, we can talk about all these other chains and what's happening, but all the liquidity is on Ethereum. I'm known as an E-snob, not say maxi. So again, it's just my opinion. But yeah, I believe a lot in the L2 and avoiding the fragmentation of liquidity. So that's where, you know, the ZKVM and different technique could just make something that make more sense. And if you look, for instance, at one of the requirements that come from MAS, you know, the Monetary Authority of Singapore, Project Guardian, etc. I'm not sure if you're familiar with this.

Starting point is 00:17:00 I can quickly touch on it if not, but basically, there's the SEC, if you want, of Singapore, and they've been doing a lot to push, well, sandbox and adoption and use cases in Singapore. And, well, J.P. Morgan and many other banks are part of this. And one of the requirements they had was it has to be on a public chain, which coming from a regulator was exceptional, because in general, they would ask for the opposite. And the idea behind that was, well, it has to be on public chain because they want to avoid the fragmentation of liquidity. So now if we start to have a lot of different projects

Starting point is 00:17:37 on different public chain, well, I know there are oracles and potential solutions coming, but we still have this risk of fragmentation of liquidity, and lower security and decentralization for some of the chain. So yeah, that's what pushed me to believe a lot in this area. So listen, you have a 10-year history in machine learning. And yesterday was arguably the most bullish, insane day in history for AI because Nvidia absolutely crushed earnings. I won't get into it so deeply with you, but there was massive expectations that people thought no

Starting point is 00:18:13 company could possibly hit and Nvidia crushed them all. Obviously, literally their income doesn't even match the price of their stock, meaning the stock go much higher. But outside of that, then of course, we see the nonsense in crypto, which is that anything that's even superficially dubbed AI or someone could consider AI or claims to be AI goes absolutely nuclear, as we say here, and those coins continue to pop. I think that's nonsense. And yet again, will be another bubble. But I mean, what do you make of this massive AI boom? And is there any meaningful connection to crypto? So again, that's just my opinion. I personally have never seen a project that makes sense to me that combined blockchain and AI. I haven't seen them all. But so far, it really feel and I always insist,

Starting point is 00:19:03 again, it's only my opinion, but so far, it really felt like surfing the wave and hype. It just some are good idea, but are almost impossible to execute. Like for instance, if you say, oh, instead of having GPUs not being used, we could just decentralize all that, and you could brand your GPU, and it would be at the world level. And then you'll have the biggest computer that could be a brand, et cetera.

Starting point is 00:19:31 The complexity of something like that is just insane. And the reason why GPU, for instance, were working so well for machine learning is because, well, they were made for video game, and for instance, changing all the light, et cetera. So they do a lot of small computation at scale on many different scores at the same time so now when you start to have different chip at the same time working together to do the same calculation it just doesn't seem something that can be done at the state of technology right now and and all the others

Starting point is 00:20:01 i've heard also i'm less exposed to the themselves, but there's a lot of startups that would pitch me related to, hey, we are blockchain and AI. And generally, the AI case is really hard to understand or will be just some basic data extraction, maybe level machine learning. So, yeah, there's a lot of hype here. And so far, I haven't seen anything that feels compelling but do you think that forget the crypto connection i think but having been in machine learning for 10 years do you think that this is the very early innings of ai that there's really something very significant here you know a lot of people see this as paradigm shift in everything right but ai can can change can change almost everything that we do. And so, you know,

Starting point is 00:20:48 you have a really extensive background here. I think so far, and it's changing fast, so it could change with just Zora from OpenAI, which surprised again, everybody. But so far, what I see that it's like, JNI in general is a great tool for enhancing people right so I have friends and even myself when you do code you can just ask copilot or whatever Gemini create code that do this or that what tends to happen that the code then doesn't work but you go way faster

Starting point is 00:21:22 in fixing it that you would have just writing everything yourself. Also, if you do just small bits, it basically helps replacing part of what you would have done with Stack Overflow. Because when you're a developer, be it in machine learning or not, you're spending most of your time debugging and finding what's wrong with what your code and how to make it work. And I think that's where it's going to be very, very useful for the LLMs and Gen-AI. And that's something that was touched on as an all-in podcast by Shamad. And I think that's a real implication we have here is you will have a shift in how VC works and how startup are being created because now you don't need an office post-COVID.

Starting point is 00:22:08 You can hire people in Argentina and India all across the world and you can pay them in crypto like many do. And then they can just do the work of 10 people by leveraging tools like GenAI. So it totally changes the amount of money they need to raise the burn rate they'll have and i think that's that's the most important part right now i i don't see so far a real intelligent ai any like like neos so we're getting a little bit ahead of ourselves which makes perfect sense so i mean finally before i let you go, what is S&P now focused on? Obviously, the stable coin stability, understanding that.

Starting point is 00:22:50 What else are you guys going to be working on now as we move forward into this next cycle? Well, we're still looking at where we can serve the market in general to provide visibility on risk through the benchmark and analytic we're experts in. So, yes, the SSA, the stablecoin stability assessment, was just released. So we will look at just adding more stablecoin as they come and when they're relevant. There are some big ones we don't have yet, and there are many being created.

Starting point is 00:23:20 I think it would be beneficial for the market to have more and more actual rating in the field, be it for real world assets, for stable coins, which are tokenized cash and real world asset too, or tokenized treasuries. So I think this is coming too. And then we're looking at some potential new case for risk evaluation related, for instance, to staking and what we discussed before. That's the plan. Charles, where can everybody follow you after this?

Starting point is 00:23:50 Keep up with what you're doing. Thanks. All right, guys. Thank you so much. Charles, have a good one. See you soon. Bye. Guys, before I bring on Chris, I've got to mention, obviously, our amazing sponsor, which is DevV.

Starting point is 00:24:01 I know you guys have been following along very closely. They actually had some huge news later. They sent me a a letter i guess i should just tell you what it says we are thrilled to share that debbie has received a resoundingly positive ruling from the i don't speak french authority des marchés financiers amf granting us the elusive french amf ico visa the milestone marks a significant achievement for our project. Notably, DEVI became the only pioneering L1 token to secure such esteemed approval from the AMF, showcasing our unwavering commitment to operating at the highest standards. This not only reflects our forward-thinking approach, but also instills confidence in our ability to navigate regulatory landscapes across global markets with finesse. The significance of

Starting point is 00:24:42 this approval extends far beyond being recognized as the sole L1 token to receive such validation. It paves the way for expansive opportunities, facilitating fruitful collaborations with major enterprises. You guys get the idea. I've told you literally every single week about Debi, the new emerging layer one that is purpose-built to work with institutions and with governments, and that a lot of the other L1s will never get that stamp of approval. Well, this is a huge one for them. They'll be working closely with the French government. And like I said, guys, this is the former head of the US Defense Intelligence Agency, the inventor of the Kindle, the CIO of Starbucks. I mean, absolutely massive monster team.

Starting point is 00:25:22 You can check them out down in the description. There's no affiliate link, no tracking link, no nothing. They just want more awareness of their incredible project. And I ask you guys to give it to them and take a look at everything that they're building. All right, guys, now it is time to talk about Ethereum skyrocketing to 5.2k and AI coins going nuclear. Chris, should AI coins in crypto be going absolutely nuts because NVIDIA had good earnings? Of course they could. They talk about AI, right? I mean, that's the thought process anyway. Long Island blockchain ICT up 500%. Oh man, that was crazy, right? Yeah, no, I you know it's what's expected that's what i was

Starting point is 00:26:06 talking about prior to it happening and then of course i tweeted out afterward after uh nvidia just like rocked everybody's world there um you know i'd said earlier that i thought nvidia was probably headed toward at least a thousand um before we see any real meaningful pull about pullback and this uh we'll look at the chart here in a minute but i think this kind of just says it with it but with nvidia everybody thinking ai with nvidia if it's going up then i mean good bad or otherwise everybody's gonna kind of say okay well that's all it's safe to jump in we want more ai we want something else maybe other in addition to uh nvidia and so anything that says you know hey ai or you know maybe has the letters a and i in their name, uh, you know,

Starting point is 00:26:45 pump up there a bit. So, yeah, we're going to have to think of all kinds of words that have AI in them, but let's take a look at the chart and see what it actually means because actually it looked like it was going to correct. I see people in the, uh, comments saying, I look like AI. I just checked the YouTube stream. I feel like I look fine. I don't know what happened. If there's something going on with my camera, but yeah, it's my, I need more shoulders. I don't know what happened. If there's something going on with my camera. It's the lack of shoulders. Yeah. I need more shoulders. I'm going to stand like this. Oh, man. Yeah.

Starting point is 00:27:10 Well, you know, so NVIDIA, here we go, right? So, I mean, the count I've got kind of running through here. I had this major three and four back over here. At the time here, I was looking for a possibility of dropping through this gap, but but it never did um so we're looking for maybe some kind of news event or something never happened finished up there we rallied up and so what do we have here we rallied in the uh this is the daily here into this r2 pivot we've got this flat correction right here comes down a goes up b then we got c down here support right here at the R1 pivot. And then, of course, markets opening now and, you know, big whipsaw action there right back up to a new high. You know, so I'm looking at this right locally based on the height of wave four here that would give us an initial target of like eight hundred and one dollars.

Starting point is 00:27:59 You know, we'll see how this goes. This is a pretty big movement here. So this could overextend. But, you know, again, rallying up here, I mean, just based on that and getting, you know, a wave four pullback then around 645 or something like that would give us this 555 of three up here around 920. If this continues to rally up, which it does appear like it's going to overextend here, that's just going to move everything up further as far as targets go. So again, still looking at 1,000 plus for NVIDIA.

Starting point is 00:28:35 And this thing's carrying the whole market. I mean, it's carrying the entire market. It's carrying the entire market at this point. If they were down, the entire NASDAQ would be massively down. I mean, when you look at the articles about this, Goldman's trading desk calls NVIDIA most important stock on earth. NVIDIA set for biggest gain in nine months as AI drives sales. Stock rally powers on after NVIDIA hits home run. And then of course, AI linked crypto token surge after NVIDIA sees a tipping point. Yeah. Yeah. I don't know. I think've been in uh in crypto for any length of time a few years or at least one cycle uh i think you kind of get used to this idea that um you know

Starting point is 00:29:14 crypto prices basically for the most part especially in the the shit coins are driven by narratives and narratives are attached to words and words are attached to what's everybody paying attention to right whether it does it or not or whether it really does anything special with it. Just the fact that it's associated by verbiage. Uh, you know, everybody just kind of jumps in there and wants to be the first in there. Um, you know, it's, you know, I've been this big proponent of, listen, guys, the only thing, uh, the only two things that are really, uh, I think that are, are really are really kind of fundamentals in there, you know, really Bitcoin and Ethereum. Everything else for the most part, even today, are still shit boards. And, you know, and I say that having, you know, talked about all being a good buy at $9.

Starting point is 00:29:57 It's a with love. It's a with love. So, yeah, you know, when I'm looking at that, you know, I don't get married to anything other than really Bitcoin and Ethereum. Those are the two that I wouldn't even say married to, but I've held for a long time. I'll continue holding. Everything else for me are shorter term trades, maybe a cycle at the most. But, yeah. Well, listen, we're going to talk about let's do both Bitcoin and Ethereum because we have Bitcoin could hit 150K, according to Fundstrat's Tom Lee.

Starting point is 00:30:27 And then we have Ether's triangle breakout could push it to new all time high of 5.2K coming from crack. And we've all seen that ascending triangle. But let's take a look at those charts from your perspective. Yeah. So I wanted to look at I've had two counts on this Bitcoin. The first one is a more conservative account. It was a 1-2-1-2. And that gives us, you know, a minimum expected weight. It was a 1-2, 1-2. And that gives us a minimum expected wave three target up here at around 57,000. However, here's the thing. We've

Starting point is 00:30:51 got this large ascending channel here. When you're doing Elliott Wave, usually when you're breaking out of your 1-2 channel, the wave three breaks out. And it's significant because wave three is the big wave that everybody says, oh crap, I'm going the wrong way. I need to be in now and whatnot. So usually there's a big move from that. And, um, so we're kind of just hovering right around that, um, resistance right now. So if we get an impulsive breakout through that, I mean, I'm, I'm watching for that for, you know, for something like to potentially happen because then all of a sudden it makes this, you know, this alternate count, this one, two with a three up here, a minimum at 77,000, um, much more likely, uh, really. Um, so yeah, so right now I'm just kind of watching this area. If we just kind of get a meager kind of push out, I'll still be watching 57.

Starting point is 00:31:42 But if we get any kind of real traction on a breakout here, I mean, I'm really going to be looking up here, maybe around 77,000. And here's the thing, that's the initial target. That's the 1.618 extension of wave one here. The 200% is usually a secondary target and it's up there at around a hundred thousand. So, I mean, would it not be pretty crazy to kind of rally this thing up to 100,000 and then kind of pull back to, you know, around 50 and then kind of continue up or even, you know, 65 or something like that and then continue up higher? I mean, things can get really interesting, I think, because it's just so much, so many different things are happening at the end of last cycle and through the beginning of this cycle that haven't happened before, right? So, you know, everyone's out here trying to- Yeah, ETF approvals.

Starting point is 00:32:30 Well, ETF approvals, the structure itself, a lot more basing along the way, you know, as it's moving up there, which often when you're doing that, it leads to a more parabolic move. And so I'm definitely not shrugging off this idea. I'm not saying it's definitely going to happen, but man, I am not ignoring the fact that we could see this strong rally. And everybody's kind of waiting for this pullback, right? Everybody's still waiting for this pullback that hasn't happened yet. And I think they're kind of missing. We've got decent pullbacks along the way here, 20% along the way. We've got a long time, seven months sideways, another 20% pullback. And here we are. 49 to 38. Yeah. 49 to 38 should have been enough pullback for anyone who's been here before. Sorry. Yeah. Yeah. Now, if we do get rejected somewhere up here, like a good rejection,

Starting point is 00:33:23 somewhere up here within a few thousand dollars of where we are here. I could see potentially a pullback down here to around 40,000, maybe, uh, maybe even 39 here. Uh, but ultimately everything else aside, I mean, let's, let's look at this, everything else aside, these are the weekly, uh, well, the yearly pivots on the weekly timeframe. We came in sideways between the pivot and the R1. We've continued to rally up to the R1. So everything else aside, without thinking about wave counts, without thinking about the ascending channel, all that kind of stuff, normally speaking, when you have this movement, if you move up aggressively toward that R2 pivot,

Starting point is 00:33:55 most of the time you're going to rally to at least the R4, if not the R5, or break out. It's just that aggressive movement right here. Now, if we get rejected in this area, again, we'll pull back. Sometimes it's to the pivot, but in this case, we do have this sideways here. So it would probably just be, again, that 40,000 kind of area, 39 maybe. And then we'd look to go up higher. So, I mean, I think that's as good a pullback as you're going to get if you get one right now. I could be wrong, but just based on structures and other things that I know about price action and these

Starting point is 00:34:25 different types of indicators and the way they work out generally, it's all leading me to this cautiously looking at potentially a pop out that really kind of rallies. And that's going to scare the heck out of people. They're going to be too scared to jump in until it gets to an all-time high. And then that'll fuel it even more. All right. Let's take a look at ETH and then dig through a couple more charts you got more. All right. Let's take a look at ETH and then dig through a couple more charts you got here. All right. Here's the ascending triangle. I see it.

Starting point is 00:34:51 Yeah. You know, and not that I'm saying it has to be an ascending triangle. As I've said before, really, for me, it's just this idea that we've got ascending higher lows here toward this consolidation. And then we've got the breakout. And then we've got some sideways on top of the breakout and here we are going out again my wave three target hasn't changed any uh my wave circle three of three up there at 46 26 uh locally i'm looking around 31 34 and then 33 14 and a half or so um just kind of locally there but you know nothing's changed been the same thing that I've been looking at,

Starting point is 00:35:25 you know, since, since, since back over here, since we were doing this in, you know, May, June of 23.

Starting point is 00:35:32 So perfect. Yeah. So we're all bullish. If we got that, what's next? Uh, let me see here. I've got a few here.

Starting point is 00:35:40 I don't know if anybody's gonna like these, but we'll check it out. Um, I've got backs USDT here. With this one right here, it looks like we've got this one and this two. Really far pull back here, but here we go rallying back out. So I'm looking for a breakout, really a confirmation here above this wave B at 2, 0, 0, 2, 5. And if we get that, I think we rally up here toward uh four seven or four nine seven eleven

Starting point is 00:36:06 which gets us at this large descending channel resistance so right now that's kind of what i'm looking for uh and if we can do that we'll look for a little bit of pullback and then a breakout higher but uh yeah that's kind of where i'm at with that at the moment i've got uh what else we got here pundix oh man pundits, this looks great. I can't believe this thing is still around. Yeah, man. Yeah. Right.

Starting point is 00:36:28 I saw it. I was like, wait, what? What man? Nice bit of a, what appears to be accumulate here. Um, actually let me see here. Probably pull like this. There we go. Um, so anyway, yeah, so we've got this nice bit of what appears to be

Starting point is 00:36:42 accumulation here looking, this is the weekly because, because what I want to see is an impulsive breakout above this weekly pivot here at about 51 cents. We can do that. I mean, I think we're off to the races. I think we hit easily, what's that, $1.56, $1.57 up here on that weekly R5. As you can see, Stoke RSI has just crossed bullishly down there and oversold and just broken out. RSI is back above neutral, about to break out. I mean, so if we can get that impulsive move there, we should see a nice larger candles, larger volume coming out once more, kind of like that, breaking out through here. And, you know, again, that just becomes an easy target right there at that dollar 50 change in there.

Starting point is 00:37:26 So I like that. But a lot of these, I don't think, I don't know if anybody's noticing, but listen, guys, if you're looking at charts, look at your altcoins, look at your weeklies. A lot of them, you're getting this right here. You're getting this where they're just now starting to break out of oversold on that stoke RSI. And a lot of them, know are doing this uh accumulation phase finishing up that other ones of other structures but nonetheless they all look like on their weeklies like they're getting really you know getting ready to go here but it is the weekly so it could take a little bit to really get going uh mask mask another one uh we actually got in on

Starting point is 00:38:03 this nice rally here first that came up and then it pulled back but now here we go we're trying to get above again the weekly here right um if we can we've got this descending uh resistance here so if we can kind of if we can get this impulsive breakout of that weekly there we should carry through the resistance and initial target right there around five dollars 98 cents But really I'm looking further up here around $12 and a half dollars. Overall, so you get up here, get a pullback, a pullback, but kind of really a little bit longer term trade there. Trying to show these because so many people get in there and they think they're going to get rich 15 minutes scalping.

Starting point is 00:38:42 And it's really these trades that they need to be in. These little bit longer term trade, especially if they don't know what they're doing. So hopefully helping them out with some of these charts here. Let me see here. And by the way, this is just a great structure here as well. More, if we're looking at volume of price action here, appears to be more accumulation here, ready to break out. And you know, it's a long period a

Starting point is 00:39:05 couple years here so zrx everybody loves zrx right um i want to like these fast cycle coins man it's amazing to see these come back around yeah yeah right yeah i mean yeah everything's setting up right and so you've got this again, what appears to be a pretty decent look of accumulation here coming back from December of 22. And so if I'm looking at this, jump across the creek, which usually signals the end of your accumulation. We got what we call the back up the edge of the creek. And then we're going to do our sideways here, broken out of this descending resistance. So looking for it to continue higher i've got a target up there around a dollar and four cents a dollar four and a half and right now we're sitting what at about 35 cents so i mean you know if you're going to trade this again you know the

Starting point is 00:39:56 weekly we're about to break out of uh of oversold him stoke rsi rsi finding support on neutral and get ready to cross bullishly so yeah i mean, I mean, you know, something like this, if you're going to buy here, you know, your stop loss just goes right below the swing low right there and target dollar four. And I think I think it's a pretty good trade. But especially if we can break out above this, this right here. So there's a swing high right above the pivot here at. Forty one cents. So that would really be the word, you know,

Starting point is 00:40:26 if you're not, if you're not too sure about now, that would be the area I'd be looking to enter. Again, stop loss right below the swing low here, target up there, hopefully using good risk management. So you can make money. Hopefully. Yeah, hopefully. And then we've got Alice and again, you know, weekly dropped on down, bounced right at oversold, crossed bullishly, RSI, hit neutral, bounced up, crossed bullishly. Here we go. And so, you know, it's a three-way pullback. We've broken up above that second wave, so I think we're good to go.

Starting point is 00:41:02 And I've got a target up here of $4.68 or so. Kind of gets you right around this support area, this previous support area here. Hitting resistance, still in this lower volume node, nearing that R5 pivot. I just think the setup looks good there. Again, this is the weekly. So, you know, as it gets near this swing high, it could pull back a little before it goes, but yeah, this is just one of those trades. Again, you go in here, stop loss right below the swing low, proper risk management target up here. And, um, you know, you're good to go. I think it's, I think it's a good trade, a good setup.

Starting point is 00:41:37 So awesome. And you don't have to sit there and stress out over it every day. You know? Yeah. You like the long-term ones, swing trades, but it might take you a while to stop out. It'll take you even longer to reach your targets. Dude, thank you so much. That was awesome.

Starting point is 00:41:51 Sorry we couldn't do it yesterday. Had to shuffle some things around, but guys, follow TX West Capital. Of course, check out his Discord, everything that he's got going on. I'll be back tomorrow

Starting point is 00:42:01 with the Friday 5, 9 a.m. Eastern Standard Time. That's all we got for you guys today. Thank you. Peace. Later, Chris.

The Wolf Of All Streets - Ethereum To Skyrocket To $5.2K? AI Coins Go Nuclear

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