I have a lot going on in the next 24 hours but I wanted to get this out, even if rushed.
I’m being told the crypto bear market is over.
This is from a newsletter JC Parets, a “traditional” finance guy I follow, sends out:
And here’s Bankless, another newsletter (crypto focused) I sometimes read:
They headline tries to stay impartial but the meat does not.
These are just a sampling of the newsletters and tweets I’m seeing that are, in my opinion, overly optimistic about the short to mid-term outlook for crypto.
For starters I find it strange people are now talking about the crypto bear market. For months I haven’t been able to get anyone to even acknowledge we’ve been in one. Now they’re acknowledging it by declaring it’s over?
Strange.
And then I look at the daily Bitcoin chart:
This does not strike me as bullish.
To be clear, it does not strike me as bearish either.
It strikes me right in the middle because that’s what it is. We’re in the middle of a big range.
But it seems people are eager for it to be over. People seem desperate for a bull market.
That makes me skeptical.
