The Wolf Of All Streets - GameStop Pump Explained! 🚀 Will Memecoins & Bitcoin Skyrocket Next?

Episode Date: May 15, 2024

I am joined by Jaime Rogozinski, Founder of WallStreetBets, as we uncover what's happening with the stocks after the return of Keith Patrick Gill aka The RoaringKitty and whether Bitcoin and crypto will skyrocket.  Chris Inks will join us in the second part to share some interesting trades in crypto and beyond.  Jaime Rogozinski: https://twitter.com/0xRogozinski Chris Inks: https://twitter.com/TXWestCapital ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/   ►► The Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!  👉https://thearchpublic.com/  ►►OKX SIGN UP FOR AN OKX TRADING ACCOUNT THEN DEPOSIT & TRADE TO UNLOCK MYSTERY BOX REWARDS OF UP TO $60,000!  👉https://www.okx.com/join/SCOTTMELKER  ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. 👉https://tradingalpha.io ►►NGRAVE This is the coldest hardware wallet in the world and the only one that I personally use. 👉https://www.ngrave.io/?sca_ref=4531319.pgXuTYJlYd  ►►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 #gamestop  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.

Roaring Kitty is back on Twitter causing GameStop, an actual stock traded on the actual stock exchange, to go up roughly 120% before retracing. We've obviously seen this movie quite literally before and it is happening again and I am here for it. But what I want to dig into with today's guest, Jamie Rogozinski, aka WallStreetBets, is whether this money can actually flow into crypto or do the people who think that need to take a chill pill and realize that nothing is happening in this market right now. We're going to dig into all of that and more. GameStop, Roaring Kitty, WallStreetBets. It's like having time machine, and I love it. Let's go. Let's go. Let's go.

What is up, everybody? I'm Scott Melker, also known as the Wolf of Wall Streets. Before we get started, please subscribe to the channel and hit the little like button thing down below. You can even touch the little bell one because that'll tell you when important things are happening on my channel, which is literally never. So that bell is never going to go off. None of this is important. We're in a sideways market. We're all just showing up trying to figure out what to talk about every day when all of you should probably be getting a hobby or learning a foreign language. All of that aside, I've got Wall Street bets today and there is actually something to talk about there. Jamie, what the hell happened here, man? The dude posts a picture of a guy leaning forward in a chair and it's international news well yeah first first of all this morning i woke up to a not so sideways market so maybe hopefully we're we're now starting to take off so that's right yeah i'm looking bitcoin actually almost at 64 000 now but like let's just bring up the game stop chart here

just for fun as a context look at this week like last week this was trading at 13 bucks it hit 64. nice yeah this is a phenomenon right this is something that is actually quite interesting i i tend to be real philosophical a lot of people go like oh wall street has a bunch of apes just being there as against the buy button or whatever it might be in uh while there may be some truth to that there's also uh there's a lot of method behind the madness and so it is fascinating right it's fascinating so i guess first i'll give some background because it occurred to me after a conversation there are some people that don't fully understand what the hell is taking place right so yeah it's been it's been three years so there's people who are literally new and kind of missed it in the first place right so like in dog years like internet years crypto

that's like a hundred right so it's just uh it's just something we take for granted so i'll give a super quick recap uh game stop i'll just go on the fact that there's that movie and maybe people watched it that actually happened uh or a version of that right and so the the the protagonist in real life uh but the guy that sparked everything in the community was wall street bets that's where everybody got together and they organized everything but the individual that sparked everything his name on twitter is roaring kitty uh don't know if i can curse on your show but i'm just gonna get deep fucking value was his name on on reddit and then eventually the wall street journal finally tracked them down they doxed

them properly he doesn't seem to have a problem with being known as keith gill right so same individual he is this quirky dude goes out there just starts talking about how gamestop is the next great investment and he put a YouTube videos and chart analysis and sell and the whole thing and makes this, he makes a $50,000 bet, which is a leveraged stock options bet. I'm not going to go into stock options too much, but they are much riskier than let's say perpetual futures, right? For many reasons. So people look at this guy saying this guy clearly has a lot of faith in gamestop but it's gonna go out of business brick and mortar covid this guy sticks to the planning guys nah i'm not selling right it's

50 000 next thing you know like dave i'm sorry cohen whatever uh gets involved all of a sudden gamestop starts going up he turns this 50 grand into three million dollars like a month later everyone's like wow you're a lucky idiot right sell sell now and he has i'm not fucking selling right this thing's going to the moon and sure enough things pick up and there's a lot of factors to it the short sell there's a lot of short sellers involved and then a lot of technically the deaf people Wall Street. But they end up squeezing this stock from $40 ish a share to $500 a share at some point in the process, nearly breaking the stock market. Quite literally, I've had conversations with people in the process, taking out several hedge funds out of business and in process literally costing the man right the the institutional finance a ton of money billions of dollars last i counted was like seven billion dollars right

and into the hands of retail so this was just a really magnificent effect you know uh events where got seven documentaries you know one like dumb money movie yeah dumb money come out and so that happened right and then and then just things fizzled away you know his account went silent the topic kind of went away everything went back to normal for three years and on sunday night he tweets it was not even a meme we're calling it a meme but it really wasn't even that it was a carnage it's an image of a guy sitting up you know like from going forward leaning back holding a game controller and that awoke to me what's crazy about that is that woke or at least it revealed a thirst from lots and lots of people looking for blind guidance, right? Tell me what to buy.

And you just said it in the intro, this is maybe a flat market in the crypto world, blah, blah, blah. The stock, like people, that's the image, yeah. Tell me what- And since then, he's just been spamming literally like videos for movies. He has, but people have been digging through every frame looking for clues it's crazy i mean you can just see these forums that are saying this is the ticker he's talking about that's the ticker he's talking about like nuts right it's not so it revealed that lots of

people are hungry to do something and because he hasn't actually said anything right people just go into whatever they can find and so game stop is like the most logical amc whenever they you know they have to do a lock limit like right they halt the trading on these things when they go crazy they go to the next stock right go to amc and the way amc gets locked up they go to like bb you know bed bath to be on like they're going through the list everything from the last cycle all the kind of meme stocks that they pumped last time. Yeah. But I'm now starting to...

I bought into the world of crypto. It's clear now. I had to look up the stocks before doing a TMZ interview yesterday because I knew it was up. I do crypto. In the crypto world, anything that has the word resembling anything Roaring Kitty or mean like was also pumping like crazy. I myself aped into like, you know, I was looking at the chart

for an AMC Solana pair and I personally not a fan of Solana. So it's very difficult for me to phantom and it's not the other. But I did it right. I just five X my little bet, right? Yeah, this is this is GME token token.me token token correct no no this is the stock sorry here here comes the token it's even crazier just launched a couple weeks ago it went from 0.0004 as high as 0.019 i mean absolutely look at it well yeah so there's there's kitty. There's word Kitty. There's a ton of them. Right.

So I'm not necessarily going to just name drop these things because I don't necessarily advise them. They are quite literally just I don't even know what they are. But but people just pour their money into things. Right. So to me, it's just a revelation of, number one, people's attitudes and people's demeanor. Right. They're like they want they want they're yearning for something. And when they just got a sniff of something, they just threw their money into it. Number one. And number two, this guy's back and this guy has,

and he's revealed that he has more power than any individual that I can think of on this stock. I don't think of anybody. I don't think, not even Jerome Powell. No, Larry Fink, Jerome Powell, none of these guys could do that to a single stock in a day. It's absurd. So yeah, so that's what happened. And it's very, to me, very interesting. The questions that can rise out of this are endless.

It is stimulating for me to think of what he, how's that, led. Yeah, I'm just kind of posting the articles about this, how absolutely nuts it is. There's a few things I want to dig into. So first, I think you're absolutely right that there's this crazy appetite clearly out there. We even see it just in the crypto echo chamber. The minute there's any hype about anything, all this money that's just been sitting there pours into something. People just want something so bad to happen, which you said before.

But I'm wondering with GameStop, how many of these people were still holding from three years ago? You watch that movie, you hear the story, there's people who are worth millions and they wrote it all the way down because of this religious belief in Roaring Kitty that he was never going to sell.

So they were never going to sell. And last time we had the narrative that all of this was because we were post-COVID. Everybody had stimulus checks. Everyone was at home. Everyone was bored. Well, guess what? Now we're in a tightening environment in theory. People don't have stimulus checks.

People are a little less bored. And it happened again. So is this retail pumping this again, like the same style? Or was there so many shorts to be squeezed again that the second this thing fired off, hedge funds went nuts and made a ton of money? Now that you frame it like that, it's actually a really interesting way to frame it like that because there's more to what you just said, more deflationary or inflation or whatever, like more reasons for this to not have happened. And one of the reasons is one that I've talked about frequently, which is what actually happened in 2001 and 2021 was more than just a short squeeze, right? There you had a perfect storm that came together. And yes, there was a lot of, the short interest was higher than the amount of stocks available, which you guys can Google what that means. It just means it's easier to do what they did.

But there was another component, which Wall Street, which is almost never reported on because of its technical complexity, which was a stock options component to it. There is a way, there's a trick that Wall Street bets figured out years prior to this thing where they can take large cap stocks and manipulate them, even if they have little money. And this is by doing these things called Delta Gamma squeezes. They use very little money and they force the counterparty to do the heavy lifting for them. And whenever I'm asked in interviews, hey, when's the next time this happens? I said, it's not going to happen again because stock options, specifically the ones that were facilitated, lubricated the ability for people with very small accounts to really push hard. They're smart now and they will actually inflate the prices. They will make these stock options more expensive, make it less accessible. And the halts, they're quicker to halt meme stocks now, right? This is another thing I think

that happened after the congressional hearings, which they did, right So so there's a lot of mechanisms in place that are there that are market mechanisms in place to try and prevent or to tamper this effect down. Plus everything that you just said. Right. You don't have the environmental effects. So so to me, this says things have kind of changed. now a new normal, a new behavior of this segment of the market that participates in the stock market that doesn't behave the same way that, I guess, traditional market participants. They ape into stuff and they can still make things move. And they can still make things move despite the fact that all these stability mechanisms are in place. So there's also a lot of money involved, right?

Anyone that was trying to do the stock options trick was spending a lot more money to do it. And, you know, the price didn't go up to the moon, whatever. The guy never actually tweeted the ticker. I don't know what would happen if he had tweeted the ticker, right? It's just ominous, mysterious. He's like nebulous. These videos that don't – he hasn't said a thing he just says I exist and uh and and you know I made it go from yeah 10 to 60 6 6x the stock um yeah that that says to me that there is this landscape

that's permanent it wasn't it wasn't this one-time deal this is a a large set of people and i think that it's also reflective of the mentality and i think this is where the overlap in crypto and wall street bets has always existed in that let's try and get rich quick you know like the attention span of a tiktok video let's look for uh guidance from over here instead of going and studying and looking at these financial issues whatever just tell me what to buy you know like if it's a convincing enough narrative and and it's a mindset from from this millennial i think even more so the zoomer you know generation z um uh way of approaching things i'll do it it myself. Yeah. So we got Kramer saying this is insane, obviously. So usually we got the counter indicator of Jim Kramer. We have Bill Gross,

a renowned investor and fund manager saying that GameStonk is passe. He wants nothing to do with this. Just sell 400% annualized volatility. Kind of funny. He says, what could be a better buy signal than a cartoon man sitting upright in his chair? So clearly the boomers still kind of don't get it, which is funny after three years because I went to Penn with a ton of all the Wharton guys and they went to Wall Street. And I remember three years ago, all my friends who are researchers and head fund managers and traders were like, everything's changed. We have to now go on Reddit to figure out what the hell to do and not look at the actual value and P&Ls and earnings. And this is insane. It seems like they forgot about that for a while and are getting a quick reminder. But I guess that begs the question, first, in the stock market,

can this continue? Was this a two-day thing and they're going to be like, okay, the guy's spamming videos. Like, what the hell? Or is this the beginning of something new, in your opinion? That was the million-dollar question that I'm looking for the answer to. If he just keeps spamming videos,

I think there's a limit to how much it can happen, right? It takes everybody by surprise that he's back. I think there's an initial excitement, but I don't know if that level of engagement is going to be enough to make something happen. Is there a groundswell on WallStreetBets again, for example, or Reddit?

Is there a groundswell again of the same sort of diamond hands to the moon, never selling? Because that's what kept driving it last time, right? Or was this just, like I said, an opportunity for people to make money really fast because this guy appeared? Last time they had a leader, they had someone to guide them through the process. Last time he was posting these long YouTube videos, inspiring and describing and justifying what he was doing. As of right now, the only thing that's been revealed

is the potential for that to happen again. I think that if he were to come back and say, yeah, GameStop's the one, yeah, 1,000%, I think that it would end up happening. But that million-dollar question is what next? It's like, he's in a tricky situation. I can't- I was going to't say isn't that

a hell of a lot of risk for him with the sec considering he was already in trouble sort of sat down in front of congress had to answer for this market manipulation yeah i mean like he i think part of the reason why he laid low it was probably a lot of attention he wasn't prepared for and he was sued a class action against him for all the bag holders that lost money and this and that and it was probably not as you know flowers and roses as he made a ton of money and that's great but but it came along with a lot of did he ever sell do we know i we don't know i'm gonna he said he testified during congress that he had not sold and he's never gonna sell so uh but then again

that was years ago and and as of that moment he hadn't and after that moment GameStop was completely starting to retrace so his his hands are kind of tight yes if he says hey people go by whatever ticker and then he's already like front run them then yeah that's that's that's a no-no and I think that he's more than smart enough to know that. And then you can delve into the gray area, right? Is there a way that he can hire a fancy lawyer who says, look, look, look, here's how you do it. And you can just stay in a gray area because there is a gray area that everybody skirts around. But is that really his end game? Does he just want more money? He made a lot.

And more money is great. Don't get me wrong. But I think the incremental happiness, when you go from I have zero in the bank to 10 million in the bank is different than when I have 30 million in the bank and I'll have 40. And so the risk that he's taking on just doesn't pay off. And I don't see this guy as a greedy individual that's going to try and use, wield this tremendous power for just individual personal gain, for just picking up some marginally. So if he's coming back, I want to say his motivation is more than just, I'm going to pump another stock. I hope that the profoundness of the movement, the reason why it caught on was this idea of empowering the retail, a lot of comparisons, first of David and Goliath, but then the Occupy Wall Street movement, the 99%, there was a lot of sentiment around that. And there, I'm sure that there's things that he can do where he's able to

make something like that happen again and at the same time i'm wondering if you knew this would happen right or if he just literally came back to twitter and it was like holy i don't think anybody knew that that would happen yeah i don't think so either so like i can't imagine his intention was like after three years i'm gonna post this dude sitting up in his chair and just go mainstream again and blow it up. So I have no idea, but I have to ask you now. So the question, will meme coins and Bitcoin skyrocket next? That's the title. I guess it's down below, not above. So I was on Spaces yesterday. Rand Nooner, my friend, basically made this case that all of this meme stock money is

going to flow into meme coins and that meme coins are the story of this cycling crypto. We've definitely seen that the barbell approach in crypto has worked for people, right? Everything in the middle has been terrible, but if you got meme coins and Bitcoin, you've pretty much done well if you've known how to flip those meme coins back and forth. I guess the question is, if we get a huge movement here again of meme stocks, do those people now know that? Are they even aware that this is happening over here in a superior casino, so to speak, where there's no circuit breakers and you can get in and out in a matter of seconds and there's a new one to bet on every five seconds? I'm not endorsing any of this, by the way. I'm just asking if that money you think is going to flow into meme coins because they're even easier to see manipulated and mooned. So here's kind of my take on that, right?

So I first of all, I also in case people don't know, right before GameStop, I was in the process of officializing WallStreetBets as a brand, trademarked it, started to do it, wrote a book, started these initiatives. And at that time, Reddit decided to usurp this thing from me. They kicked me out from the subreddit forum. I'm not currently a moderator on WallStreetBets. And I'm in these legal battles at this point regarding the intellectual property of that word. All that to say And I'm in these legal battles at this point regarding the intellectual property of that word. All that to say that I'm not currently sitting on that. Now, when I was sitting on that since its inception, since creating it all up until 2020, I said crypto is one of the ex nays. No, no penny stocks, no crypto, no legal pumping. That was just rules. And the reason why it said no

crypto at the time, initially, was because the market wasn't mature enough. I did lump it into the penny stock concept of saying, hey, we're trying to do something more sophisticated. Penny stocks, they're pumping dumps. They're going to invite too much fraud. I made a mistake, and I've admitted that I made a mistake that I didn't revise that. This was in 2012 when I made that rule. I didn't revise that and go back into crypto and understand what it was. And that was a mistake. That was a mistake. And I will I would have undoubtedly if I was still there.

We'll have opened the doors to crypto on Wall Street bets. Whoever the hell is running that show right now doesn't have the initiative or the leadership ability or the foresight to realize that they're just sitting behind by not allowing this. Everything else is pushing crypto and Wall Street together. The ETFs, the funds, the BlackRock, the whatever, it's happening right and uh uh however on wall street bets that particular crowd that that particular group of people because of that rule that the the the people who inherited my my power have decided to not stick around they don't they continue and there's bubbles it's easy to just be isolating your bubble and to still think

that the penny stocks um are the same thing as crypto crypto so goddamn powerful so i'm hoping that i i'm hoping and that there's enough noise elsewhere and that the uh the the relevance here at least the amount of content that people are getting from wall street bets might not suffice and they can still be crazy fans of wallStreetBets, but supplementing their knowledge and their look for something elsewhere. And so, yes, I do believe that crypto is the obvious next destination. Like I said earlier, I had to check the stock price of GameStop prior to doing the TV interview because I was more interested in the GameStop meme coin or whatever, right?

Right. That's very telling. This is from a Wall Street guy that created Wall Street bets whose knowledge far outperforms. Like my knowledge of Wall Street is far, far, far higher than it is on crypto. But I'm hooked and I get it.

And I'm still a fan of both. I think they're merging. And the more that people realize that the better now here's the thing about the meme coins meme coins uh unfortunately in order for them to be feasible are on chains that are not like default chains on whatever type of thing right right not that easy for people if you have to download metamask and you got to configure the chains and do the things and the web3 and the browser and the swap, that is a high barrier of entry. Thankfully, there's a lot of people working on that problem.

They've been working on it for years. There's a lot of solutions. Coinbase has now made it a lot of seamless integrations for you to be able to do this. But still, the process is an uncomfortable process that I believe is still holding it back. So for the moment, I think the people that are willing to venture into something that there's not just a big green buy button, they may not be able to make it over to the- Which is why it was so easy on Robinhood, right? That wouldn't have even happened if Robinhood didn't clarify the trading and options and allow people to just...

Whoever gamifies, whoever figures out how to gamify DeFi, Web3, even at the expense of the sacred crypto, your keys, your coins, right? Like, I believe that people are willing to sacrifice that go through centralized exchanges or some version of that, where they share or don't have custody of the coins in return for the seamless experience. They're not going to care. And they shouldn't care because that same risk, by the way, of losing your coins exists on in brokerages, right? That's the the you're not the holder of your stocks they're holding on to them for you and they go banked like anyway so uh even the same thing with banks if you have more than whatever 250 grand so i think i think that they need to push towards

that create some type of an interface that has a green buy button right forfeit the security that the people that are aping into these things who care less about the security they're taking risk like crazy anyways right they're willing to take a zero anyways but that in itself should be able to to i don't know to wake up this uh this taste and this curiosity then like what is this about and all of a sudden realize that essentially essentially web3 dc defy all these different things, far, far from just a pump and dump. The sophistication far outperforms. I mean, there's so many things that are straight up better than on Wall Street.

Mechanisms for very sophisticated instruments from variable levers, DTFs, to the perpetual futures. Why the hell did Wall Street think of that? A future that doesn't expire, right? Like, I don going to expire. You don't get it delivered. Dangerous, but brilliant. But so listen, we got like a couple minutes left.

It says bets behind your shoulder. I've never seen so many people spam a hashtag in the chat. Hashtag bets. They're begging me. I guess I'm getting manipulated into asking you. And also, I can see very conspicuously, my name you know wolf of all streets seems like it says all street bets now instead of wall street bets behind you i don't know if that's for me i ripped i ripped the w off and it is actual neon so it no longer works but like just it it just exploded and so there's a video of that of me doing that thing uh so all street bets um

my out of frustration of what i described earlier and by the way my intention was not to come here to talk about this it's uh we definitely didn't have it on the agenda but they've they've hit the chat so many times i just literally had to ask yeah so here it is so out of my frustration of wall street bets like just screwing this up. Right. And I'm watching my baby just kind of sit behind and become irrelevant. Let's let's recreate Wall Street bets, but bigger, better, more with this new D5 fling to it. So Wall Street was built because they literally put a wall on that street to keep

out the pilgrims or whatever i don't know the full history it was an exclusive action uh and i believe that wall street should be inclusive for all countries all different people different money different whatever doesn't matter it should and actually you know similar to even your name itself uh which coincidence but but probably Not claiming it's anything otherwise. But probably for that same reason, right? This idea of like, this is for everybody. And so AllStreet, that's this new community with a coin associated with it, which is just the best one.

But it's not a meme coin. It's a community coin. It's not a coin that you'll see me spamming. You're like, buy it. It's going to go to the moon, like the chart, whatever. Like I'm straight up creating the spaces that that i did last night all these different things uh bringing a community that celebrates in the similar fashion is looking for the same thing but just globally with no restrictions with stocks with with uh you know conversations

about stocks about this i think that what happened with GameStop, the arbitrage, that's a fancy word for taking advantage of an inefficiency. Market inefficiency, yeah. During this convergence of Wall Street and crypto, GameStop is child's play for anybody that knows what they're doing in both worlds, right? If somebody knows what they're doing in both worlds

and they can spot something, it is unreal what can happen. It is far beyond. I'm not smart enough to come up with it. I've come up with a few little ideas of it. So AllStreetBets is a new community. You can find it at this point. There's Discord and Telegram.

There's just a bunch of different social accounts. But I'm hoping that there's a platform. I think Warpcaster is one that we're looking into. It's omnipresent. It exists everywhere. We don't want this thing to be owned by any one individual. We want this thing to just outlast any particular platform and embrace the world of crypto in a way that it really should have, the way that WallStreetBets should have. And so that is my project.

It's something that I'm silent about because I don't want to confuse it with buy my coin. Right. Because I don't want you my coin. I want that. I want you to show up. I want you to show up and hang out. Right. And because we're looking to to do what a lot of people have been asking for since I started speaking years ago, which was, hey, why can't there be a Wall Street that's in crypto? This is that effort. All right. Well, I'm here for it. Let's hope that some of that money flows in. Let's hope it keeps going because there's nothing more fun than seeing a rational price action, especially in the stock market and to see Wall Street freak out and to see Bloomberg write think pieces and to see fund managers expect this can't happen again and just getting wrecked to the tune of, I mean, how many billions

in shorts have already been liquidated on GameStop here again? Five, 10? I don't even know. So I hope it keeps going, but I got to go on to Texas West Capital. Chris Inks, Jamie, always a pleasure, man. Thank you so much really appreciate you i gotta check out all streets bets because it's be like the wolf of all streets but see i just said that now the sec is gonna be like yeah i have no idea all right man thank you so much everybody check him out on twitter it's tagged down below peace jamie have a good one bye-bye all right guys crazy and bitcoin i like to the Bitcoin's now all of a sudden, like, pumping out of control. I'm looking at trading alpha. And we'll have the trading alpha stream, obviously, this afternoon. But finally getting that, for me, it's gray, but green dot out of the squeeze we were uh monday we were up to 63 we're so back uh everything is going to go up to a million then the next day full depression it's over we're going to 50 and during this stream we are so back baby again man, people cannot stand sideways and pouring.

They're freaking out. Yeah. You know, I've talked about it before. You know, when you rally and then you go sideways, it tends to give people reason to dig deep into their why it can't work out. And, you know, and usually their emotions win their their fear. You know, again, we always talk about it. The charts are nothing more than this visual representation of this movement between fear and greed in the aggregate, right? And fear and greed are the two biggest emotions that humans have. Fear is the biggest by far of the two. Everybody's like, oh, greed, greed, greed, but it's fear. Fear is what

drives people, usually even in their daily lives. So we get up here, we get rallying. Everyone's like, oh my God. And then it doesn't break out. And then it goes sideways. That's such an important point. I just want to say that because we talk about fear and greed being the opposite, but it's also fear at the top because it's fear at the bottom that you're going to lose everything. So you sell and then it bounces. We know that. But we'd like to talk about greed keeping you in, but there's the fear of missing out at the top when it's going up that causes you to move your take profit because you fear that you're taking profit too early. It's all just fear. Exactly. Exactly. And what is it? It's not even just fear. What is the fear of? It's fear of the unknown. So the less

you understand about how and why markets move the way they do, the less you understand about proper price action and volume analysis, which is what we teach all week long you know at the trading academy the more fearful you are and it's it's not that it's you know i'm not like trying to dig on anybody about it it's this is human nature right and um so so i guess i say that because if you serious about trading if you're serious about making money in the markets or investing or whatever, you absolutely owe it to yourself to learn these things. Because the more you understand about it, the less fear you're going to have. Doesn't mean you're always going to be right with your calls, but with the proper risk

management and understanding what's going on, you don't get into that, oh my God, up and down kind of bipolar reaction, you know, on the daily or on the hourly, that just drives you nuts. You know, if you're stressed out all the every day about your damn trades, you don't need to be in the market. Life is not worth being that stressed out about. Yeah. So let's take a look at some of your charts because Bitcoin's going super nuts right now. I mean, I've got the, you know, like I said, the daily looking kind of good using training alpha. We've got by signals everywhere, arrows, big candle spread,

real volume. It appears. Yep. So, I mean, yeah, looking pretty good. Yeah.

No, you know, no surprise there at all. Did mine not come up? Mine was, let me try to share my screen again here. I don't know what happened. Boomers do internet.

Do what? Live. I said, boomers do internet. Do what? Live. I said boomers do internet live with Scott and Chris. Yeah, right. It said it was up there earlier. There we go. Now it's up there again. Yeah, just zoom in so we can see it better if you don't mind. Yeah, yeah, yeah. Now I'm getting it here. All right. So again, you know, nothing has changed here. I mean, it's the same

range. It's the same thing. Everybody's been freaking out about how it's got to go down. You know, and it's just the same thing um you know what we're looking at is this is likely it looks like a spring here the volume and price actually you can notice that the volume drops off the entire way throughout the range so you know as you're making lower lows your volume's actually dropping off but even when you consider where the volume is coming in the volume is coming in more at the lows Than it is at the tops there So, you know

There's more there's more intent to buy then you know at the lows where the the selling should be increased if it's gonna be distribution You know, there's no real selling going on up here. So, you know, here we go. We're breaking through the area We're looking for which is this descending resistance and this daily pivot and the EQ of the range right here We're getting this nice big candle. We're looking for that push out there. You know, that's my first target. My second thing I want to see a breakout is above this, on this chart here is the 65, 541 area. And if we break out above this swing high up here at 67, 467, 93,

as it says they're breaking above this level, breaks the bearish market structure from the swing high, the all-time high up here on 67, 467.93. As it says, they're breaking above this level, breaks the bearish market structure from the swing high, the all-time high up here on March 13th. So we've got lower highs, lower lows, bearish market structure coming off the last two months. And if we get above that last lower high, that's broken. There's absolutely no reason why you should be thinking that we're not, that you should be thinking that we're going to go down lower. But I mean, you know, again, it's nothing's changed. Everything's still the same way. Looking to get the follow through here now. And if we can get that, I think we're good to go up to new all time highs. So Bitcoin looks good right now. Just want to see that follow.

It looks good, but still looks sideways and rangy for me correct like yeah yeah like when you say uh to an all-time high people shouldn't expect that i don't know tomorrow right exactly exactly i mean and you know if we're looking here you know this would be wave one up this would be abc is wave two here i mean you know this is an abc we've broken out above this, so we should be going up because three waves back is a pullback. It's corrective. This right here, just off that low, would give you five waves up, minimally up here around 81, 152. But again, we talk about this record level of shorts sitting right here, this $10 billion of shorts or whatever in this area. So I think it's likely wave three is minimum 76, 68 in this area. So I think it's likely, you know, wave three is minimum 76,

68 on this chart. I think if that holds there and we get that short squeeze through that, I think it's going to be massive. I can see us probably wave three itself, you know, one, two, and then three, instead of being the minimum expected there at least 81, 152, but maybe even 88, 968. And then that would give us five waves up pretty close to a hundred thousand. Um, so I think locally, you know, that, that should be what we're probably looking like as long as we're kind of, um, well, even like, yeah, right now, the fact that this is three waves down and we broke it out above it, um, suggests for all intents and purposes, unless I've counted that wrong, that, uh, that we are going to head up there and do that. But again, like you said, it's not going to happen

overnight. It doesn't happen today or tomorrow. Let's take a look then at some altcoins. I mean, usually when we get some bullish strength, obviously with Bitcoin, it's time to start looking at altcoins as well. I can just say anecdotally, altcoins have basically been in a downtrend versus Bitcoin since September of 22. There's Bitcoin dominance. And when you consider the fact, I don't use Bitcoin dominance really for charting. It's just more, I mean, if your altcoins are getting wrecked, you look at Bitcoin dominance, you know it went up, right? It's a reaction to what's happening in the market. It's not really telling you necessarily. But I mean, there have been these pockets of altcoin bullishness, memes, but it's pretty impressive that Bitcoin is still at basically like two,

three year levels of dominance when we're adding thousands of coins to the market on a daily basis. Yeah, it's crazy. It's crazy. So much junk in the market, right? Yeah. So it's still hard to outperform Bitcoin, I guess is what I'm saying. Even when we look at USDT pairs on all coins. Yeah, exactly. But, you know, and here's the thing, you know, I often talk about the trash in the market and whatnot and how Bitcoin is, you know, the best thing in the market. But, you know, I'm a trader. And as you've heard me say so many times before throughout the years, you know, just because it's trash, just because it's a shit coin, just because it's a whatever, a meme style, whatever, doesn't mean you can't trade it and make money. Just be real, you know, be realistic and honest with yourself about what it is. So you're sure to lock in profits on the junk, um, that you can transfer into the, you know, the, the more of the gold standard of what you should have your money in, uh, for longer term wealth accumulation. But, uh, what I went ahead and did here, I've grabbed four, um, four of the top, uh, meme coins, uh, by market cap. Of course, of course. Uh, because you said meme coins to their meme stocks.

It is the season. Dude, Pepe's like for making new all-time highs. It's a real thing. Pepe's been great. You know, this is the one that I was talking about when we had up here likely a top, maybe had a bit higher, but then we had the pullback said, okay, we're looking good. We got the one and two here. Talking about higher highs, right?

Locally here, it looks like we've got a three and a four. Based on the height of four here. Wave five should minimally reach about that, that, uh, I'm not going to talk about all the zeros there, but the two zero five six two Oh. Um, but if we see a pullback here down toward this, um, 68 area down here, that's going to suggest this is a one and a two and a breakout hire is actually going to see us probably heading up here to 56 66 19 to get that fifth wave so you know initial target of 20 uh 20 56 20 secondary target up here 56 66 19 um so you know pepe looking like a little pep in its step right jump it up There I've got really bad jokes It has some Pepe in its step

Well you know so you've got worse jokes I love it man I had to I had to one up your terrible dad Joke with a way worse The kids love dad jokes I live for it right Love them Let me see here

Yesterday I was going to the dentist And my my kids were like, what are you doing? I was picking them up. I was like, what time is it? And I said, what time am I going to go to the dentist? And they were like, I don't know. What time are you going to go? I said, 2.30. 2.30.

Anyways, keep going. Now that you've put us all through that, right? Well, we've got this resistance here we're running up against. It's right here at the Daily Pivot. This is Shib. So what I'm looking for is an impulsive breakout through this and close above it if we can get that initial target here at 32.85. If we can clear that, which I think we would at that point, we'd be looking up here at 79.61. So, you know, we've got a great three-wave pullback here. And again, you know, once you pop

up to the second wave, that kind of locks that in as corrective. It doesn't mean you can't go three waves up and five waves back down for a flat or do a triangle, you know, three down, three up, three down, three up, you know. But generally speaking, if you've got three down and you break up to the second wave, it says that it is corrective. And ultimately, you're going to be going higher. And so based, again, on the height here, we've got a target there of 79, 61 for SHIB, which it doesn't seem like people talk so much about anymore. Yeah, it's like a big descending wedge on decreasing volume called bullish consolidation.

Yeah. And you can look at the volume right down here as we got this pullback. Yeah, he says bull flag. I wouldn't necessarily personally, I wouldn't call it a bull flag just because it's so long. A bull flag should really be a shorter consolidation. Obviously, I also can't tell just from eyeballing it that it's parallel or not, but it's still bullish consolidation of some sort that's almost full flaggy but uh yeah i still it doesn't matter it's when you have decreasing volume after the pump and price kind of floats down you expect a move up yeah that's correct everybody got the smaller candlesticks you get them overlapping you've got volume dropping off

that's usually indicative of a correction taking place um so you know again just some physical things you can look at there on the chart physical right uh this is whiff dog whiff hat um so we're in this ascending channel here again coming up to the uh descending kind of resistance uh just above this daily pivot um you'm looking forward to get us a breakout there. You can see that on this pullback here in this overlap, we've got this wick that had this big spike of volume and there's still decent volume coming in. So what it's telling us is there is definitely demand, which you should expect right here at the same kind of level here. We had it here and then we had a greater right here. I think this may have just kind of opened up the space

here so price can run up. So looking for a breakout through that gives us an initial target of the channel resistance here. Most likely we get up there and pull back and then break out but a breakout will give us target up here $8 and just about 78 cents. So dog can wear that hat and style and we can go on. Let's see here and then i've got bulk bonk bonk bonk right um again just really this is just sideways guys from back over here what is that december of 23 so you know five months of sideways more or less here you know

you got a slightly higher high slightly slightly potentially higher low. We have to break out above it to lock it in, but it looks good. We have this descending resistance with this large move through here. Not a lot of volume overall, though, which gave us just sideways here. But we're on that daily pivot. You know, we've got wicks down into this demand block here at the bottom of this range. Printing a higher low. Volume throughout. Let me see if I can kind of zoom in a little bit more for the volume. This demand block here at the bottom of this range printing a higher low Volume throughout. Let me see if I can kind of zoom in a little bit more for the volume

There we go Volume throughout here, you know again you expect some volume at first and then it should die off As you get in where that's what we get right here until we hit the low Again where we had a doji print here big spike of volume Suggest this is probably going to be the low in here and we're going to break out higher um and that gives me a target there a local target of 43 27 right up in the supply in this wick up here so um you know we're sitting right there around 24 64 now i was at about a 90 percent um appreciation in price for that rally to come in. So that's what I'm looking for.

Like I said, I do think this is probably the swing low in here. So you get your buying climax and your automatic reaction selling climax. Your secondary test pulls back into your last point of support. And now we're looking for some follow through up here. The breakout through here will give us what we call a jump across the creek. It's just the breakout through that resistance, which is just that over that supply that's sitting there. And that should give us a big candle spread, a bigger spike of volume compared to what the volume is going to be at it locally here. If you see that happen right here, that's your confirmation that the accumulation here, the reaccumulation is complete and you should be

headed up at least toward that target area there. So, you know, things start to look pretty good, you know, with today's, I guess you can say with today's inline CPI readings there year over year. Yeah. Yeah. Yeah. Year over year was great. It's so funny. Yesterday you're looking at PPI. Yesterday we're looking at PPI and everyone says Fed can't cut, inflation's rising. Today, CPI goes 3.5 in March to 3.4 in April. And all of a sudden, we're getting rate cuts. You guys are schizophrenic weirdos. I cannot keep up. Every data point should not change your entire view on what's coming not you guys the you guys out yeah yeah yeah no and that's why you know that's why you know i teach it the way i do as you

know you know i i think you can get more if you learn to read the charts you'll get a better understanding of what the likely news event result is going going to be rather than trying to guess what that result is going to be and then try to apply it to the charts to make the charts fit whatever narrative you have in your head so funny i I was looking at gold, by the way. I was looking at gold. I tweeted this morning that it was going for a breakout. Clearly, the inflation numbers came in in line. People were betting on gold. We're clearly betting that inflation was going to come in hot and it got kind of rejected there. But gold looking very interesting here to me as well. Yeah. Yeah. You know, nothing wrong with gold.

It's just not going to appreciate anywhere near as fast as Bitcoin. Bitcoin continues to be the fastest horse in the race. And so, you know, until it isn't anymore, we're going to continue focusing on it. It doesn't mean there isn't a place for precious metals. You know, if you've got a portfolio going on there and you're trying to look for how do you, you know, what's a good portfolio mix. I never have a problem, you know, having gold or silver in there, but you know, I'm much more myself heavily weighted toward Bitcoin until it gives me a reason not to be. It just doesn't make sense. You know, otherwise I think if you do, again, it's the same thing. It's that you've got some narrative in your head, um, that you're trying to force onto the market. And, you know, if you're

trading, if you're investing, um, that's silly, you want to, you want to, you know, understand what the market's saying and trade or invest accordingly. Not, not say, Oh, well, I don't think this should be this way. And so I'm not going to do it. Why would you, why would you, even, even with Bitcoin? Why would you not have some small portion in your portfolio? I'm just just some small portion, at least I mean, to get some kind of benefit from it doesn't it? If somebody's been doing this for 30 years, it doesn't make sense. Otherwise, other than, oh, you know, it's

it's no good. It's not like my big gold rocks, you know. Yeah, well, quickly before we go, just to that end, I have to show this. You're not the only person who thinks you should have it in your portfolio. Oh, yeah, I love that. Wisconsin bought nearly $100 million worth of BlackRock spot Bitcoin ETF. And I don't know if our followers understand

how big a deal that really is. That's a state pension fund. They do due diligence. Do due diligence. A lot of it. Yeah. I mean, that's huge, guys. This is the difference this time is they can buy the ETF. So they still have to do due diligence on exposure to Bitcoin, but they don't have to worry about the due diligence of buying spot Bitcoin and custody and all those things that were hurdles before. That's why the ETF is so big.

It's not necessarily the fact that it's going to happen now. It's that it unlocks the ability for those who want to start looking at it. Exactly. And I think, you know, as we watch the year goes on again, you know, I keep looking toward end of Q3, beginning of Q4. These 13F filings were really, I think we're going to see, especially with Wisconsin coming out, because now it becomes a game of, you know, competitors

and similar institutions going, well, if they're doing it, I probably need to do it as well. What do they know that I don't know? Yeah, yeah. So I think, you know, I think we've got a good end of the year coming up. And, you know, everybody's asking,

is it a left translated cycle and we're done Q3 q4 or are we talking super cycle you know 20 to 25 percent pullbacks uh and continue on maybe like a double pump like 2012 2013 um i'm inclined to lean toward the latter toward the higher for longer uh but you know we still need more data to come in we still need to see what happens after this current range we're in kind of dissipates, you know, and we kind of jump out of that. But I'm kind of leaning toward the super cycle idea that, you know, this idea that we've got future up there, especially when we look at the potential for pension funds, which I think just becomes much more huge now that Wisconsin has stepped up already. I mean, pension funds, man, these things usually are waiting a while, right? They want the liquidity.

They want, you know, it just blew my mind. It came out first time and I'm just really surprised by it, but I'm really, really encouraged by it as well. So if you're looking for a number to go up, I think it's a good start. I'll take it. All right, everybody follow TX West capital on Twitter, formerly known as X, formerly known as your ex who was formerly known as Twitter. We got dad jokes for days. Maybe he'll tweet some of them at some point to keep you guys engaged because I know how much you loved those when we hit them earlier. Uh, and check out, obviously what's the website these days? Well, they can just come and then go to members.texaswestcapital.com. They can go to texaswestcapital.com here probably in the next few days and get a lot more information and stuff on there as well. Amazing, guys. Everyone check it out. I'll remind you, this is the guy that made me a better trader long ago before any of that existed. So good enough for me. It should be good

enough for you. That's all I got for you guys. I will see you spaces in 20 minutes and then trading alpha this afternoon at three 30 can be a certain standard time. Thanks, Chris. Thanks.