Transcription
Hey everyone, and thanks for jumping back into the cryptoverse. Today, we're going to talk about Bitcoin dominance and the final rotation, the rotation we've been talking about for the last few months.
If you guys like the content, make sure you subscribe to the channel, give the video a thumbs up, and also check out the sale on Into The Cryptoverse premium at intothecryptoverse.com. Let's go ahead and jump in.
I wanted to remind you guys that I will be speaking at the Bitcoin conference in Amsterdam, which is coming up next month. So, I'm looking forward to it, and I'm also looking forward to meeting a lot of you guys.
So, Bitcoin dominance, of course, everyone's favorite topic at this point. One of the things that we've been talking about for, you know, the last month or so is this final rotation, right? And we said many times that we would likely find a low for Bitcoin dominance in the month of September, right? And you can see once again, a low was formed the week of September 8th.
Now, ever since then, I've had a lot of people reach out and they're like, "Well, when's it going to start?" And I'm like, "Guys, Bitcoin dominance has been green. This is now the sixth week in a row. It is happening. It's just not happening as quickly as some people want it to."
Now, here's the thing, and I will say this, and I actually said this a few weeks ago as well. When 60% is breached, it should skyrocket higher. Now, that actually happened a couple of weeks ago, right? We saw 60% get breached, and it soared higher, right? It went way higher than a lot of people thought it was going to. And, you know, a lot of the people that were convinced that we would not see 60% watch that wick happen, and then they think it's just a wick. I don't. I think Bitcoin dominance is showing you where it wants to go, and then this is the process of people slowly getting the memo. Okay. So, it's happening, right? Like, we're it's in the process of happening. It's just people aren't necessarily accepting that it's happening. But the next time we breach 60%, I think we're going to see dominance move up quickly, just like it did. I think on this wick, people weren't really, they weren't ready, right? They weren't ready to accept that this might just be another higher low.
And look, guys, I'm not here to say that, you know, that it has to go to a new, to a new high, but you have to be open-minded to it. I mean, it ultimately comes down to how low the ETH/Bitcoin valuation goes. And I said that back in June and July, you know. And the idea is that alt/Bitcoin pairs went lower. They put in lower lows, but because ETH/Bitcoin is potentially putting in a higher low, it made it so that Bitcoin dominance was not, at least yet, able to put in a higher high. So whether dominance is able to put in a higher high or not, which is a distinct possibility that it could, is ultimately going to depend on how low ETH goes against Bitcoin, but it still will likely be a higher low for this cycle. So, we have to remember that.
And by the way, a lot of times when Bitcoin dominance does find tops, it'll then wick above them later on, right? Like even in 2019, you sort of had a top and then a wick above it, and then it, and then it went through, right? And then this one, you had a top, and then you wicked above it, and then it went down. So, you have to be open-minded to the idea that dominance could run back up near the highs. You might not like it, right? And you might take your anger out on me, but remember, I don't make the rules to this stuff, right? I just enforce them. And if it looks like dominance is going to go higher, I'm going to call it out. And that's what it looks like to me.
Now, I need to say a couple of things as well. And, you know, it's just sort of me experiencing this for like, the 30,000th time. And I'm tired, you know, frankly, I'm tired of it. And it goes something like this. All right? And tell me in the comments if you've heard this one before, right? Because I'm sure many of you have. And it gets old after a while. Basically, what it is, is this. I will say Bitcoin dominance is going to go higher. A lot of influencers will then come and say I'm wrong, right? And they'll be like, "No, he's wrong. He's a toxic Bitcoin maxi. There's no way. He's just, he's not opening his mind to what's possible." You know, all this stuff, right? And they don't want to hear it. But then when you get these wicks up and you see dominance shoot higher, and you watch all Bitcoin pairs go lower, just like they've done all cycle, right? Anytime you see that happen, it's like, I can't call them out on it because when I do, they get so emotional, right? Guys, if you can't handle the emotions of the cryptoverse, then get out of the kitchen, right? Get out of the kitchen.
If you are going to run a YouTube channel where you spend years promoting and shilling microcaps, altcoins, essentially penny stocks. If you're going to spend years doing that and telling people why dominance is not going to go up, but then you're going to cry out like you're the victim when it turns out you're wrong. That's not a good thing to do either, you know. And I wanted to go on this little tirade a couple of weeks ago, but I felt like it wasn't the right time. But maybe now people can at least see where I'm coming from, right? Because it goes, it goes exactly like that where I will tell people for years that alts are going to bleed against Bitcoin for years, and people don't believe it. And anytime they put in a lower low, I'll point it out and I'll be like, "Look, guys, this is the proof that what I've been saying is correct, right? This is the proof." But then all I hear from these guys is, "You're not being, you know, you're not being sensitive. You're not being, you know, this." Guys, again, if you are going to shill these things for years, these microcaps, these penny stocks, equivalent, penny stock equivalents, you're going to shill it. Don't play the victim when it doesn't work out, right? And don't get mad at the people that got it right just because you lost some money. It's not fair.
If they're going to, and this is what they do, if they're going to tell people to have fun staying poor when their altcoins are going up, they have no right to play the victim when they're dropping. And I just, I've seen it happen so many times. And at some point, I feel like the industry, the market participants have to say, you know what, enough's enough. And let's focus on how we can build the cryptoverse in a positive way. And that does not include just feeling bad for the guys that keep getting wrecked on altcoins every, every few months, right? The market's trying to teach them a lesson, and they're just not willing to accept it. Okay. So, I'm going to keep doing my thing, and I'm sure they're going to keep doing their thing, but I don't, I don't, you know, I honestly resent the whole thing of, of, you know, this is me saying this is what's going to happen. They're all like, "No, he's wrong." And then when it happens, they just get emotional about it. Again, if you can't handle the emotions, if you can't handle the market, if you cannot handle the cryptoverse, then get out of the kitchen, right? That's the way it works.
So, at this point, you know, all Bitcoin pairs did go to a new low. They went to 0.29. And I'll be the first to say, right, like I would guess there's going to be some type of bounce by alt Bitcoin pairs sometime in November. But in the short term, for the rest of October, I think you have to have your Bitcoin maxi hat on because dominance should go higher.
And again, timing is important with this stuff. And, you know, a lot of people don't think it is. Look, if you're going to go buy low expense ratio index funds in the S&P, timing is not important, right? In that case, time in the market beats timing the market because there's not a single soul on this planet that can consistently time the market. Not you, not me, and none of the gurus on Twitter. No one can. But if you're investing in altcoins, if you're investing in the, again, the equivalent of penny stocks, timing is everything, right? Because you can't, you know, you can't just sit here for years and say that like altcoins are going to outperform Bitcoin, and that's why you justify buying alts over Bitcoin, just to watch them bleed time and time again, right? That makes no sense.
Because again, at this point, a lot of people require an alt season just to get to break even on their Satoshi valuation, right? Just to get to break even. And that was a mistake I made in a prior cycle. It's not like I'm better than the guys that are going through it now. The only difference between me and them is I went through that process in a prior cycle, and they're now going through it in this cycle. My hope was to make it so that some people did not have to experience the same pain that I felt in the altcoin market in prior cycles, and to help them focus on what truly matters, and that's Bitcoin.
Bitcoin is the reason that we're here. If Bitcoin goes to zero, altcoins are going to zero. But Bitcoin could survive and eventually go to a million dollars, right, in maybe a decade or two. But that doesn't mean the altcoin market will, and it doesn't mean that everyone else's altcoin will. Although I'm sure yours will be just fine. So, you have to remember that at the end of the day, the common ground that we can all find is Bitcoin. There's an infinite number of altcoins, and there will continue to be an infinite number of altcoins minted every single day, right? We cannot keep up with them. It's just going to infinity. There's only one Bitcoin. And that is why liquidity has and will continue to flow to the king.
If you guys like the content, make sure you subscribe to the channel, give the video a thumbs up, and again, check out the sale on Into The Cryptoverse premium at intothecryptoverse.com. I'll see you guys next time. Bye.