Kirk on Nostr: It's interesting how two people can look at the same data point and take away ...
It's interesting how two people can look at the same data point and take away diametrically opposed signals.
To me, the fact the market has absorbed so much sell-side pressure over the past six months, and the most we got a 32% drawdown (and even that lasted for 48hrs), is bullish.
TX believes that this cycle is going to be more muted than in the past. And that the fact that bitcoin could not even break $70k last cycle, even with all the covid stimulus, it would be unrealistic to expect bitcoin to perform anywhere near as well in tighter monetary conditions.
My view is that the covid stimulus actually hurt bitcoin's performance last cycle. It turned the entire market into a casino. Pokemon cards, NFTs, rare watches, memecoins...every piece of shit asset mooned. It encouraged gambling, which actually drove liquidity out of bitcoin and into things way farther down the risk curve.
What we are seeing this cycle is bitcoin decoupling as the market sobers up and has to actually work out what has fundamental value: What is real and what is fake.
Long the real (bitcoin, gold, energy). Fade the fake (shitcoins, unprofitable tech).
To me, the fact the market has absorbed so much sell-side pressure over the past six months, and the most we got a 32% drawdown (and even that lasted for 48hrs), is bullish.
TX believes that this cycle is going to be more muted than in the past. And that the fact that bitcoin could not even break $70k last cycle, even with all the covid stimulus, it would be unrealistic to expect bitcoin to perform anywhere near as well in tighter monetary conditions.
My view is that the covid stimulus actually hurt bitcoin's performance last cycle. It turned the entire market into a casino. Pokemon cards, NFTs, rare watches, memecoins...every piece of shit asset mooned. It encouraged gambling, which actually drove liquidity out of bitcoin and into things way farther down the risk curve.
What we are seeing this cycle is bitcoin decoupling as the market sobers up and has to actually work out what has fundamental value: What is real and what is fake.
Long the real (bitcoin, gold, energy). Fade the fake (shitcoins, unprofitable tech).