Will Bitcoin Break Below $60K? With Kris Bullock & Bijan Maleki

23:28Kris Bullock:Well, it doesn't lie. Four months. That puts us right in October. So you could be on to something there, Chris.

23:34Bijan Maleki:Yeah. Now that doesn't mean we can't chop sideways between now and then. Maybe this February low at 60 ,000 still does prove to be the low. I mean, kind of like it did back here. When was this? February? Okay. Back here when we had the major flesh out, you know, in June of 2022 from the Three Arrows capital and everything, big wick down, that really was going to be the low. Like that would have held were it not for FTX imploding at the last minute and kind of kicking down this last bit. But otherwise, we basically would have, you know, plotted sideways for that whole time and bottomed out and rounded back up.

24:12Bijan Maleki:We were actually in the process of rounding back up. So that's a pretty good comparison right there. Again, we're a little early still. I mean, this low happened in February. This didn't happen until June. So there's that. but it's not out of the question that we do hold this low and plod sideways. And as long as everything can kind of keep it together and we don't get any more like structural breakdowns, we don't get any more October 10th style mechanical glitches in the matrix, if you will, you know, like I think that we can manage to plod sideways and hold the lows. We do know that there is decent, a decent bid at the 60 ,000 level.

24:49Bijan Maleki:We know that institutions are willing to buy at these levels. They're not sold off that much. Yes, ETF inflows have been on the decline, but we're still holding up overall structurally from ETF flows. So, you know, I can make an argument that we go sideways until whatever, June, July, August, September, October, whenever it is, and kind of round up from there. And this just proves to be an extended bottoming pattern, probably not too terribly different than we had in this past 2014, 2015 in there. That went on for quite a while. And so maybe it's something like that. All right.

25:34Kris Bullock:Shall we maybe move on to some particular assets that the people are asking about? I think it's probably best to start with micro strategy, just considering that they are the news.

25:46Bijan Maleki:Indeed. So a quick break in your regular programming.

25:50Kris Bullock:If you're serious about your future, grab my free report called Prepare for 2030. I think you've got five years to make as much money as possible. And this guide will help you navigate what's coming.

26:02Bijan Maleki:The link is in the description. Download it now. So, I mean, as you can see, the chart looks pretty much identical to Bitcoin, arguably. Note two, though, high or low on the RSI, which I think is a good sign, kind of like I pointed out with Bitcoin on the weekly timeframe. I mean, really, this comes down to, and I can't speak too in-depthly. I mean, we could probably spend several minutes talking about this, and I'm not going to get too in-depth with it. But there's issues. People have fundamental issues with some of the ways that Michael Saylor is running strategy and some of these derivatives plays that he's doing and these yield bearing products that he's putting out and having to he's basically now having to sell some of the Bitcoin, not because he's like upside down in the overall trade, but having to sell some Bitcoin to pay the yield on some of these other products that he's introduced.

26:53Bijan Maleki:And so people are starting to take issue with what he like, is this is all this really necessary? Is all this necessary to kind of fuel this this experiment that he's got going on here? And so that's part of why we had such a big sell off with MicroStrategy, not so much. Oh, we had to sell Bitcoin. It's like it's more like what what are you doing here? What's going on and why are you why are you doing all this stuff? And is it really necessary? And I think that that's part of what's reflected in this price action. And so that's a different dynamic than what's going on with Bitcoin on its own. Bitcoin on its own doesn't have all these other products and having to pay these yields to these people that are buying these other products that are associated with MicroStrategy.

27:34So I don't know.

27:37Bijan Maleki:I mean, in terms of the price action, let me see. Let's look at the price action compared to Bitcoin directly. I'd be curious to see what that looks like.

27:47Kris Bullock:Yeah, was it a strategy coin, STRC? like that one has really gotten people up in arms. Exactly. Exactly.

27:55Bijan Maleki:Yeah, no, you're spot on there. So it's funny. On a weekly timeframe, since year to date, strategy has outperformed Bitcoin. I mean, it's not been without its volatility, but it is up against Bitcoin overall, which is a little to me. But yeah, I don't know. It's funny for me personally, it's not something that I'm into. I don't necessarily get the appeal of holding strategy, but there's a lot of people that do. Some of the people use it as a proxy because of what they have access to with wherever their jurisdiction is, or if they're using it for a retirement portfolio or whatever. Although there's There's plenty of other stuff now out there with ETFs and other things that I sort of even less see the appeal of MicroStrategy, but to each their own, whatever.

28:47Bijan Maleki:Clearly, if you're holding it year to date, you're doing better than Bitcoin. So who am I to say anything? But, yeah, I don't know. I'm not sure what else to say about MicroStrategy.

29:02Kris Bullock:yeah i mean what else can we say that hasn't already been said in the last 48 hours so although you know i guess to take some some solace out of it you know sailor did just post back to work today so who knows right anyway let's maybe let's talk about you know yeah strategy's been outperforming bitcoin but there are quite a few that have really been outperforming bitcoin and strategy hype hitting all-time highs literally like every day uh think they hit 73 uh in within the past 24 hours or maybe even seven i think no they went to maybe even 74 uh so why don't we take a look at what hype's doing and where it can continue to hopefully go yeah let's see i want

29:48Bijan Maleki:of kick on a couple of indicators here. So yeah, hype looking very good. I mean, there's people calling out$300 hype year and stuff like that. I kind of get it. I mean, we've talked about it. There's certainly the outside appeal of hype in the larger traditional finance world with all that being able to trade commodities, perps after hours, 24-7, basically people are trading oil, gold, silver, all kinds of stuff. It's getting into prediction markets. And not only that, there's been a lot of chatter going on. There's a lot of rumor. We know, I think perps were just approved by the CFTC in the US, like crypto perps were approved, or I think just perps in general were approved.

30:37Bijan Maleki:And I know there's been a lot of rumor of Hyperliquid engaging with all of the regulatory agencies trying to get approval to operate within the US as well in the near term. And so that's, I think, in part driving a lot of this excitement right now. And I think where there's smoke, there's fire to a large degree. I'm not really going to be surprised at all if we see an announcement in the next, whatever, two, three, four weeks that perps are... I thought I saw Coinbase even or something where Coinbase is going to allow perps sooner rather than later. And so I'm like, if we can trade perps on Coinbase, then I'm sure that paves the way for Hyperliquid.

31:15Bijan Maleki:I don't see how it wouldn't. And so that's all exciting. That's going to open up a huge market. I mean, I'm sure there's people out there that are, you know, finding loopholes to trade from the US with Hyperliquid anyway, but this is going to make it legal. This is going to make it completely compliant. And on the up and up, it's going to get rid of a lot of that. You know, there's a lot of like murkiness or people concerned that this could be a potential headwind for Hyperliquid, you know, from a regulatory standpoint, if they kind of clamp down on them and try to close them. And it seems like that's only going the opposite direction.

31:49Bijan Maleki:That's only going in a favorable direction. And so I don't really, you know, barring some unforeseen announcement or circumstance, I don't really see how Hyperliquid can't just keep going like this. So, yeah. And we know that it's operating kind of way outside the sort of cloud that is crypto. I mean, it's got a lot more going on. And so, yeah.

32:15Kris Bullock:Yeah, no, absolutely. You can't even, like, you can't even, you can't trade perps right now in the US. And look what Hyperliquid has been doing despite all of that. So I don't see it necessarily hurting them, especially since, again, I'm a broken record here, but especially since they added the Coinbase Circle, stable coin yields, I only see them getting stronger. I'm not super familiar with Binance's tokenomics, but I'm one of the people that I've been saying I can see, very much see a$300 Hyperliquid. And that's because like Hyperliquid, their DEX volume is comparable and is competing with Binance's DEX volume.

32:55Kris Bullock:And if Binance was buying and burning their token, I can't imagine like how bullish people would be on that. And what Hyperliquid's market cap is still under 20 billion. And then just look at where Binance is. I'm not saying it should be at that level, but if it even gets close to that level, then you'll have a$300 Hyperliquid, which I think is not crazy.

33:18Bijan Maleki:I hear you. I totally see where you're coming from. Binance does buy back and burn their token, though not to the same degree that Hyperliquid does. They're not taking 90, what is it, 98 % or whatever of their fees and buying back and burning the token. But they do do that. And that has been one of the reasons that Binance token has been one of the better crypto investments in history, largely due to that. But yeah, certainly Hyperliquid kind of kicked it up a notch and they are undervalued from that standpoint. I totally agree with you there. So, yeah.

33:52Kris Bullock:Yeah. Awesome. And we've been talking about hype for, I don't even know how long we've been to. We were definitely talking about it in the$20 range. I think it might have even been$19 when we first started talking about our interest in it and how good it looked. But look where it is now. And Perr as well. Why don't we take a look at Perr while we're on Hype? Because Perr is another one that's, I mean, if Hype's doing well, Perr's going to do well.

34:17Bijan Maleki:Exactly. And it's at a new all-time high a couple days ago, too. It's had some crazy days. The other day it was up 16%. Per, if you don't know, Per is a digital asset treasury company for Hyperliquid, basically. Not to be confused with the meme coin. Right. No, yes, exactly. It is a stock, trades on the NASDAQ, which makes it very appealing for a lot of people who don't have access to the Hyperliquid token that are in the more sort of TradFi world, who aren't going to go on Hyperliquid, or maybe they're not going to go on even Coinbase or Kraken now where you can get it. They want to have access to it through their broker, and this is an easy proxy way to get access, to get exposure to the Hyperliquid token through a digital asset treasury that has been also performing very well.

35:10Bijan Maleki:It's kind of like a bit of a leveraged version of Hype, although I say that leveraged, but in reality, it tracks almost exactly. Let me throw this up. Let's throw up a Hype chart and see.

35:27Bijan Maleki:It's pretty much, yeah, I mean it's pretty much even, even Steven. So you can hold Hype, you can hold Purr, and you're going to get the same benefit basically. It's just kind of, it moves in conjunction. I initially thought it would be a little bit more juiced. I thought maybe my thesis in the beginning when I first got into Hype, or Purr rather, was that it would be a leveraged play on the Hype token, and it hasn't proven to be the case yet. though there are some options dynamics at play. There's a potential gamma squeeze that, again, Account I Follow Capital Flows has been talking about a gamma squeeze potentially coming on for the per token, or per stock rather specifically, that could result in a pretty good rally in the per token.

36:10Bijan Maleki:I'm not going to get too much into the details in that, but go look at Capital Flows if you want to kind of dig in on that a little bit and get some insight there. But yeah, no, outside of that, Like I said, clearly it tracks right even with hype, and it's a way to get exposure to that hype token through more traditional means, if that's easier for you.

36:33Kris Bullock:Speaking of hype tokens, Venice has also been on an absolute tear, so why don't we take a look at that? Yeah.

36:44Bijan Maleki:Venice too. I thought that would kind of take a bit of a breather and it almost, it kind of did. But yeah, I mean, anytime I talk about this a lot, if you've been watching the show, anytime something is in a major rally like this, a major uptrend, I look for anytime it touches its 10 or 20 day moving average as a good sort of buying, dip buying opportunity. And we had one of those back here last Friday, actually. And that proved to be, yet again, another great opportunity. And it's just kind of ripped up out of there and formed a new, was it another all-time high? Almost. I mean, we have the opening candle that goes up a little bit, up to$23.

37:26Bijan Maleki:But we're right there. We've almost completely... It's funny to think that despite this massive rally that it's had, Venice, if you bought on day one, you're still upside down technically a little bit, but you're almost back in a net positive green territory after a long, you know, crazy stretch. So, and again, I don't, I don't see this slowing down anytime soon. It's got the narrative, it's got the usage and it's, yeah.

37:56Kris Bullock:And it's only going to get better because it's AI too. So it's only going to get better as it learns and time goes on. So I know some people that have actually used the Venice token might have like, you know, some might be a little clunky or not as intuitive. That's only going to get better and improve. And if the price action is doing this while it's still working through its kinks, like just imagine what it'll be kind of in six months as the AI portion of it gets better. Yeah.

38:25Bijan Maleki:I want to talk about Near. That's been coming up a lot. Jamie Coots has been talking about it. It's been coming up in the Discord. Ford and I want to look at the price because it's it's been Rearing its head a little bit too. So let's take a look here Big rip over the last month big volume boom It's a little bit overheated now We had a DMARC 9 here that resulted in a local top came back down Only got back down a little bit below its 10 day moving average and then it's run up again But we've got now a combo 13. So it's definitely Overbought right now. It's definitely showing some signs of exhaustion and I would say it's not something that you'd want to pick up right here.

39:05Bijan Maleki:It needs to kind of come back to earth a little bit. But this is important because, again, unlike a lot of crypto assets, I mean, just compare this to Bitcoin, which is, you know, challenging the lows of its range here down here. We've got near that. It looks as good as, you know, Venice or Hyperliquid or any of those other ones we've just been looking at. And this volume profile. Don't fade this. like, this is saying something right here. This is saying that this has a lot of attention. And there has been a lot of, you know, AI related narrative strength happening here with this. They've got, they kind of came out with this, it's not brand new, but there's this, Nir has this thing called this intent layer, and it's making it easier for kind of basic, making it easier for AI agents to engage on the blockchain, to trade things on the blockchain.

39:57Bijan Maleki:it's a way for AI agents to not have to necessarily know the inner workings of how to, you know, transact on the blockchain. It can, you can literally just have an agent go, I want to, you know, instead of having to like learn how to bridge funds or make a swap or, you know, move from one chain to another or move from one wallet to another or settle the trade, you can just have an agent basically say something like, you know, get me a thousand USDC on chain B and move it from my holdings on chain A at the best available price. And this intent layer will sort of infer what your, well, intent is, and, you know, break that down and do all the mechanics behind the scene and conduct that transaction for you.

40:37Bijan Maleki:And so, again, it's paving the way, it's streamlining the way for agentic transactions to take place on this blockchain. And I think that's a cool thing. And it's seeing a uptick in activity because of that. And so that also plays very well into the larger AI agent narrative that we're seeing. And so I think Nier is something to pay attention to. Clearly, the rest of the market does at this point, too. We'll see if it continues. But it's officially on my radar now as a result of what we're seeing here. So I think the people that are into it keep watching it.

41:11Kris Bullock:It's just funny because I'm looking at the price right now. What is it,$282 ,000? Am I seeing that correctly? Yeah. Which is funny because I think over a year ago, I was buying near and my average buy-in was still above what it is now. So I guess there's time for a second.

41:27Bijan Maleki:I know. You're totally right. And I'll be honest. I faded near for a long time. I was like, nah, you know, I don't like it. And for what it's worth, it underperformed the market for a long time. Like it definitely was a bit of a stinker, even though maybe it shouldn't have been. But this, you know, whatever's going on now is different. And you have to acknowledge it because this is a completely different structure than what we see from a lot of other crypto assets right now. There's very, very few crypto assets that are well above their 200 day moving averages and their 20 week moving averages.

42:00Bijan Maleki:There's I mean, I can probably count them on two hands, you know, total. And so the fact that this is one of them, you know, warrants consideration just based on that alone. So, yeah.

42:11Kris Bullock:And yeah. And like you said, it's absolutely benefiting from the AI narrative. and we've seen what that narrative does and we've seen what it does when the when a crypto coin catches that narrative as well like venice um so it's just very definitely one to keep an eye on for sure jamie has been talking about it a little jamie coots has been talking about a little bit more recently as well so he's got his eye on this too so yeah just one to uh to keep an eye on especially with that ai narrative see how that grows um okay we got another question about pengu So let's see what that one is doing. We haven't heard much.

42:48Kris Bullock:I mean, maybe a month ago, we saw the meme coin sector. We saw that tweet about the meme coin sector outperforming DeFi, right? But in general, though, haven't heard too much talk about it. So yeah, let's see what it's doing.

43:02Bijan Maleki:Yeah, it kind of rolled over. It's definitely oversold now. But you can see, like Bitcoin, it's very reminiscent to the Bitcoin chart in that it kind of came up, got rejected off of these larger moving averages, and then is sort of right back down near the bottom of its range. Maybe not quite as bad as Bitcoin structurally, but not far from it. It's essentially tracking with the way Bitcoin is. So not faring as well as some other stuff. Hold on, I have a chart here I can pull up. Oops. that shows the larger meme coin sector. It kind of has rolled over overall as a sector. It's still doing well-ish.

43:48Bijan Maleki:I mean, it's not like a major drawdown, but it's a pretty big correction. It's definitely rolled over. The moving average has rolled over. It's holding up overall comparatively out of the March lows. But yeah, it's taken its foot off the gas a bit compared to what it was doing.

44:08Kris Bullock:Another meme coin, one that I talked about at the beginning of the show and you finding at like two cents, SPX. I guess, I don't know if we want to bring up the chart, so you know how they are with the chart. Sure, sure.

44:22Bijan Maleki:I'll just say it's tracking with everything else and I'll leave it at that and we can...

44:27Kris Bullock:It still has it with the S &P, so the goal is still on course, right?

44:33Bijan Maleki:The journey is still on course. The journey still, and what I will say about SPX is, you know, it's still, the holders are still holding. Murad's still posting content. The community is still absolutely very active. I think they've got, they've already had two or three in-person events globally this year. And they've got like five or six more scheduled out for the rest of the year in various cities all over the world. So that's super cool to see. They're having in-person meetups. The community is getting together. You don't see that with MemeCoins, really. You don't see in-person meetups of like fervent community members that really believe in this mission.

45:10Bijan Maleki:And I think that that's that's absolutely noteworthy. You know, I mean, I can't think of any other meme coin that that has something like that right now. And so the major players are still in it. The mission is still go. I don't see any reason to to think otherwise. You know, yeah, crypto as a whole is down. So it's naturally going to be down if you do look at the chart. But, you know, again, like I said, we don't need to look at the chart. Just know that, like, I mean, if you go on the SPX Reddit or even just Mirad's been posting videos lately on YouTube again. Again, mission is still a go. That's all you need to know.

45:51Kris Bullock:That's all they need to know in the SPX community as well. Why don't we talk about BNB, but we didn't take a look at their charts. So why don't we look at them? Because BNB, like we said, has been like one of the best crypto coins in the history of crypto. And they are doing their finance is doing a lot of things behind the scenes as well. That obviously will just anything I think that Binance does will benefit BNB. But let's check it out.

46:18Bijan Maleki:Yeah, they just I did. They just announced that they're going to start trading stocks, U.S. equities 24-7, if not already. I don't know.

46:25Kris Bullock:I think it's 24-5.

46:28Bijan Maleki:Okay. Still, I mean, to have access as an international user to U.S. equities via Binance, I think is super cool, which I'm assuming that's the case because U.S. residents don't have access to international Binance. So I can only assume that, which is great because outside of that, it's pretty difficult. Like you need an account through like international brokers, which is fine. They're awesome too, or something like that. But otherwise, it's pretty it's more difficult, I should say, to have access to the U.S. equity market. So to get it through Binance is awesome. I love that all of these big crypto exchanges are onboarding U.S.

47:03Bijan Maleki:stocks and I use them, too. In fact, I mean, I have regular brokerage accounts also, but most of my stock holdings I've been buying through crypto exchanges just because it's easy. It makes it's my money is already there in a lot of cases. I don't have to transfer fiat around and go through the banking system. I'm just like, hey, if I can buy it on Coinbase or Kraken or whatever, why not? You know, and so, yeah, I love that. I think that's that's an amazing development. Also, you could argue it's helping to take some of the the wind out of the sales of crypto and altcoins by making it so easy to access these other asset classes right from within the same exchange.

47:42Bijan Maleki:But I mean, I guess it just it just means the altcoin space is much bigger now. It now includes stocks. So yeah.

47:53Kris Bullock:All right, how about Doge? Got a question about Doge. Would like to see where we can see the hype going for Doge.

48:07Bijan Maleki:Let's see Doge. Yeah, it's funny. We're starting to see a pattern here. A lot of these charts look very similar. They held up this bottoming pattern. They kind of had a counter trend rally. they ran up. Most of them got rejected at their 200 day moving average cloud and then have kind of come right back down to the bottom of the range, just like the BNB. We just like sort of just like, you know, the other charts we've been looking at. So this is sort of the typical crypto market pattern we see. And the reason all these charts look the same is really just because there's no there's no retail buyers right now.

48:40Bijan Maleki:There's very low retail spot buying activity. So a lot of these patterns that we're seeing, these chart patterns are largely driven by just kind of market makers moving the price around, you know, and navigating the price up to pockets of liquidity so that they can execute their buys and sells and sort of do what they do. There's nothing wrong with that. But like, that's what these this is more just kind of all of the charts look the same, because it's really just market makers that are active right now and not much else. And so the ones that don't look the same are the ones you want to be paying attention to, because that means they've got something going on that is attracting retail buying activity, spot buying activity, and aren't following the same just general trading patterns that the market makers are following.

49:28Bijan Maleki:So anything that doesn't look like this is something that you want to pay attention to. And anything that does look like this, know that not many other people are paying attention to it either. And so maybe that's a reason why you shouldn't be.

49:43Kris Bullock:Doge recently fell out of the top 10 as well, overtaken by none other than hype. Let's take a look at a chart that I have a feeling won't look like this. Is Zcash a buy right now for us?

49:59Bijan Maleki:That's been an interesting one lately for sure. So obviously, Again here, like you said night and day this doesn't look anything like the other ones I mean it started with the same bottoming pattern down here has just ripped ever since totally blew away both its you know moving average clouds and It's looking it's funny. It's forming a bit of a head and shoulders pattern here, which is a little Peaky toppy sort of looking like if we you know kind of here. Here's what I'm talking about and we've got the potential shoulder forming here and then that might mean something like that. We don't know.

50:35Bijan Maleki:Obviously, we'll see. But not to mention, you know, some pretty high DMARC counts on the combo. So I don't know. That said, we know Zcash has a narrative, clearly, because it's been running for a while since the bottom. So I like this. I would say this could be a good buying opportunity, but you want to kind of have this situation resolve itself a little bit first. Like right now, it's kind of in no man's land a little bit structurally. Like you want to see if this is going to resolve to the downside. It's kind of in the middle right now. If it breaks above these higher highs and sets a new high, I'm sorry.

51:14Bijan Maleki:Yeah. If it breaks above the high, sets a higher high, that's a sign that we're going to see continuation that, you know, people are back in, whatever. Conversely, if it breaks down below these wicks down here on this low side, that means the structure is breaking. I don't love this volume profile. There's not a lot of enthusiasm here that I'm seeing. So that's sort of noteworthy. So yeah, I would say kind of let this play out a little bit and see what's going to happen. Just looking at the two moving averages, we can see how they were heavily diverged for a long time and they've come back together now.

51:47Bijan Maleki:And now the green 10 day has crossed below the red 20 day, kind of showing that the daily trend is, if anything, there is no trend or it's potentially starting to break down to the downside. So that's why we want to see a little bit of resolution and not play this guessing game. Like you don't want to look here and go, well, it's a 50 % chance it could go up, but it could also go down. That's not how you invest. You want the chart to give you a little bit more conviction to kind of show its hand a little bit, if you will, and kind of know what it's going to do first. And right now it's not showing its hand at all.

52:21Bijan Maleki:We don't know what this is going to do. And so I would say, again, let this resolve a little bit more and we'll see how it plays out.

52:30Kris Bullock:Can we see what Zcash has done? Is that the February or March low that it was? It looks like they're basically at the same level. But I guess let's just take it from March. Can we just see from that March low to where it is today to see how much it's gone up?

52:50Bijan Maleki:So 214%, a little over 3x, basically. So, yeah. I mean, that's, yeah, that's awesome, you know. So, yeah, it definitely, like I said, we know that the narrative is there. We know that Zcash is good at marketing also, which can be good and bad. You know, like you want to make sure there's actual substance there with the project itself, which I mean, there is to a large degree, but know that some of this is in part driven by big KOLs talking about it. People with lots of money are actively engaged in Zcash and they carry influence. And so that plays some role in this price action. And I think that that's worth calling out.

53:39Bijan Maleki:But it also is a good project.

53:42Kris Bullock:yeah no very well said especially because like the privacy narrative is going to be just increasing uh as we as we progress in the future especially uh with ai and like you know the whole facial recognition and you know just all of that stuff i think privacy is going to be more and more important so yeah good narrative but well said about the kol like push behind it because the wink go by and the lodgy and so on have been very vocal about their transition

54:09Bijan Maleki:Barry Silbert is another one.

54:12Kris Bullock:Right, yeah, yeah, exactly.

54:14Bijan Maleki:Yeah.

54:17Kris Bullock:Anything else you want to take a look at?

54:19Bijan Maleki:Yeah, so we had a request in the Discord to look at WorldCoin, and I wanted to kind of dig into that for a second. Let's see.

54:32Bijan Maleki:So it's been, it's had a bumpy ride to be sure. Let me kind of zoom out here a little bit. Let me get rid of these Bollinger Bands and clean this up for a second. So, yeah, it's had a bumpy ride. It was one of those tokens that launched with a big market cap, with big money backing, which I'm always a little leery of out of the gate. And it's, you know, kind of been down only ever since its initial run. Yes, it's had a decent bounce of late, but there's a few headwinds as I kind of dug into this project because I hadn't really been following it super close. But there's a few headwinds that I wanted to call out.

55:11Bijan Maleki:I think that this is a project that somewhat falls into the category of a good tech project, but not necessarily going to be the best investment as a lot of crypto projects are. for one, like we talk about with Hyperliquid and stuff like that, it doesn't have any mechanism in place to accrue value back to the token holder. So there's no buyback and burn. There's no fee capture. There's no nothing like that. So it's really from a token holder standpoint, it's just it's purely a speculative asset. And so those are always a bit iffy from an investment standpoint. It functions more like a meme coin in that regard.

55:50Bijan Maleki:And yes, it can do well. Yes, it can go on big runs, certainly we know meme coins can go on big runs. And if it gets some memetic narrative that people get behind, yeah, it can rip. But those tend to, in cases like this, in cases like projects like this, those don't always have staying power from like a price action standpoint. Then on top of that, there's a lot of regulatory headwinds with this project. There's a lot of governments that didn't like the idea that, you know, Sam Altman and co were essentially paying people tokens to capture their identity. From a privacy standpoint, a lot of governments started pushing back at that.

56:29Bijan Maleki:They didn't like the idea of not tricking people into capturing their identity, but paying people. It needs to be more of a voluntary thing without this incentive behind it. And so there's a lot of governments that are pushing back on the progression of this technology being built out in their countries. And so that's going to be problematic for them, I think, until they can really get around that. And they've tried to do a few things to improve that with some ZK proofs and things like that, changing the way they collect the data and store the data. And that's helped, but it's still going to be an uphill battle.

57:07Bijan Maleki:And so what I'm seeing when I look at this is good tech, good idea behind it. Like the idea was, was I think legit. Like I think they were, they were initially trying to, you know, help people create a real identity online so that you could prevent things like deep fakes and, and identify people and know that there was an actual human sort of behind the veil, so to speak. And that's good. And I think that's a noble cause, but the way they've gone about it, I think is a little bit flawed from what I've seen. And like I said, it's just going to continue to have headwinds. And ultimately the big problem is not having a value accrual back to the token is I think the biggest failure for me.

57:49Bijan Maleki:Like regardless of what the tech does, the fact that there's no way for the token holders to sort of benefit from the, I guess the production of this or the build out of this technology is going to be problematic. And so So I would personally, I don't know, it's not for me, I should say. But yeah, I wanted to kind of dig into that and talk about what I'm seeing and what I've learned from it. So I don't know, do without what you will.

58:16Kris Bullock:That was a great segue though, Chris, going from Zcash to WorldCoin, just completely different things. And also in that sense too, I feel like WorldCoin has terrible, we were just talking about Zcash having great marketing. I feel like WorldCoin has terrible marketing. uh yeah because anything i see about it on like on socials or anything is always just kind of trashing it um and just talking about the identity point um of it and like kind of giving away tricking you into giving away your identity that is a narrative that i've seen very much at the forefront of the world coin critics uh if you will yeah yeah um okay so let's just take one One more question here.

58:56Kris Bullock:Hope Crocodile wants you to take a look at gold, silver, copper. Yes. Yes. Let's see. Mostly interested in thoughts on spot, but open to mining companies if there are any worth looking at. Okay. Well, let's kind of take a look on the weekly for a second here and start.

59:17Bijan Maleki:So I'm a little surprised to see this, honestly, because I still can make a really solid case for gold being a solid investment in this current environment that we're in. But nevertheless, we've had a technical rollover on the weekly timeframe with gold. I thought that this was going to resolve back to the upside. It was holding its support for a while right in this range here after this initial crash. And I was like, yeah, I think that this is going to come back around. And I was wrong. not only did it, but we had the 10-week crash down below the 20-week, and now we've got price trading down below both.

59:52Bijan Maleki:This is objectively a trend reversal on gold on the weekly timeframe, and that is noteworthy. Whether you believe it from a fundamental standpoint or whether you think it should be doing better than it is, the fact remains it's not on a weekly timeframe. And that's after, this is significant because this is the first breakdown we've had since all the way back in really October of 2023. So don't fade that. That's like, yeah, that's a development. Now let's look at silver. Silver, same thing. Arguably faring a little bit better, but silver has been obviously more volatile at the same time. You know, it's had some breakdowns all the way kind of throughout the last year where it kind of plotted sideways before it went on this parabolic run.

1:00:40Bijan Maleki:But even, you know, as recently as January of last year, we were having big crossovers on these weekly moving averages before it ripped. So silver's holding up a little bit better. Not a lot better. It's still technically in a downtrend too. It's still objectively trending down, but it's... And then copper, also another one. Copper does look better. Copper hasn't had the same breakdown. Copper, I can absolutely make a strong fundamental case for copper. We know there's extreme scarcity and extreme demand for copper in this AI buildout with all of the network connectivity, with all the electrical connectivity.

1:01:18Bijan Maleki:It's a huge, important metal in all of this. It's very much an industrial metal that plays a huge role in the data flow, in the electrical flow, in all of this, in the power delivery. So yes, copper will continue to be in demand. It's not necessarily going to go on a parabolic run the same way silver did, but clearly it looks better. It's still in an uptrend on the weekly timeframe. It's moving averages. It's weekly moving averages are in the right order and prices above both. So it's got a strong uptrend. I should note that rather it is pretty overextended. We've got a DMARC9 on the setup. We've got a DMARC13 on the combo count here.

1:02:00Bijan Maleki:I want to see what the Bolinger bands look like too. Yeah, it's kind of at the top of the range. It's a bit overextended on the weekly timeframe. Maybe it's due a mean reversion back to its 20 week moving average somewhere. But even if it did that, that would still be healthy. That would still be fine. And it wouldn't invalidate the subtrend or anything like that. So just, it looks a little local toppy, but overall much, much healthier than gold and silver for sure. But of course that makes sense because there's maybe less speculation going on in gold and silver. I'm sorry. There's less speculation going on in copper than there is in gold and silver.

1:02:35Bijan Maleki:There's legitimate industrial scarcity and industrial demand with copper right now. And that's what's driving this right now. That's what's driving this chart right now. So we're seeing that reflected.

1:02:46Kris Bullock:Yeah. Copper is used in a lot of our everyday products as well. I think even silver too.

1:02:51Bijan Maleki:I was literally just going to say there is, of course, industrial demand with silver too, arguably as much in some ways, less so with gold. And that's why the silver chart looks maybe ever so slightly better than the gold chart because of that. But still, copper looks obviously much better still.

1:03:08Kris Bullock:All right. Well, thank you, everyone, for tuning in. Thank you for the question, Hope Crocodile. This has been our first edition of Trading the Markets, not with AI, but with just live TA. So thanks, everyone, for tuning in. Chris, we'll be back on Monday with the world according to AI. But until then, what are you looking for at the end of the week, into the weekend, price action wise?

1:03:38Bijan Maleki:Well, we know stock, we didn't even get to it, but stocks ripped yesterday, like crazy, crazy update. They've kind of come back to earth a little bit today, but they're still hanging in there. There's a lot of green stocks out there. The indices are looking a little bit toppy. So I want to see how the indices close the week out. But also, I'd like to see Bitcoin show a little bit of signs of life here too and see if it can rebound, kind of close the week out with some strength. Because right now it's very oversold. Tomorrow is going to mark the DMARC9 count on the setup count. So maybe that'll be the local low or within a day or two of that.

1:04:20Bijan Maleki:So I'll be kind of watching to see how that resolves basically and see if we can get a little bit of a bid here on Bitcoin at this support level that it's sitting at right now.

1:04:31Kris Bullock:Fantastic. All right, everyone. Thank you again for tuning in. Don't fuck this up. Best way not to fuck this up is to go download Chris's and Joe's playbook, which is available right now for free on the RV website. And we have Andreas and Jamie's playbook coming later this week. So stay tuned for those as well. Get yourself a full game plan and you can trade like the best of them. See you guys on Monday. Let's go, Knicks. Have a great week, everyone. You obviously enjoyed the episode because you're here with me at the end. But listen, don't forget to go to realvision.com forward slash join and grab a free membership.

1:05:15Kris Bullock:It's an incredible community packed with alpha, great investment ideas, and the research that you need to help you unfuck your future. So get started now. Go to realvision.com forward slash join.