BTF - Bitcoin's Beautiful Bull Market With Crypto Waves' Ryan Wilday
2024-06-04 12:30:00 ET
Summary
- Bitcoin is in a raging bull market, with the only concern being a potential slowdown if it breaks below the $50,600 level.
- Ether has underperformed Bitcoin in the current bull market, and its cyclical outperformance has failed to materialize.
- The meme coin craze has been profitable for some traders, but caution is advised as many retail investors end up losing money.
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Crypto Waves ' Ryan Wilday talks sole concern about bitcoin's raging bull market (0:40). Ether underperforming bitcoin (2:20). Playing the meme coin craze (3:30). 'Corrupt' Coinbase litigation (5:40). BlackRock overtakes Grayscale; thoughts on Bitcoin ETFs (9:20). Technical take on Ethereum ETFs (32:30)
Transcript
Rena Sherbill: Ryan Wilday from Crypto Waves on Seeking Alpha, crypto expert. Thanks for joining us. Really appreciate it.
Ryan Wilday: Of course.
RS : Yeah. Always great to talk to you on Seeking Alpha. Always great to talk to you about crypto. A lot of news about crypto. Some big names out there. Talk to us about, I guess, first, how you're looking at the crypto space. And then if you want to touch on what's happening over in Bitcoin, Ethereum, have that, and I'll let you kind of set the tone.
RW : Man, I mean, there's heck of a lot going on.
RS : Yeah.
RW : I mean, we're in a raging bull market. It's beautiful. It's great. I mean, the only level in Bitcoin essentially that I would be concerned about is 50,600. If that broke, it may at least slow it down.
RS : And why that level?
RW : It's the old Elliott Wave , like fancy Fibonacci voodoo magic. I mean, yeah, it takes a long explanation. I often demo it in our live webinars, but it's essentially what we call the 50% retrace of the third wave that has been going on since September, late September last year. And so there was a big consolidation last year, and it's sort of the 50% retrace of that roughly in log....
Bitcoin's Beautiful Bull Market With Crypto Waves' Ryan Wilday