I suspect crypto entered peak despair, after Celsius, BlockFi, 3AC, FTX, etc. self destructed. It’s actually a net positive when these scams go under. It purges derivatives that dilute the supply from the market.
There are still a few more fractional reserve banking scams that I’d like to see walk the plank, but the lion’s share has already been nuked. So I think we could take one more wick down to the 100 MA, which correlates with the top of the 2019 squeeze at about 13k-ish.
What makes me think the bear could be dead, is with all the ballyhoo over FTX drama, the drop was much smaller than the Terra Luna rug.
There are still a few more fractional reserve banking scams that I’d like to see walk the plank, but the lion’s share has already been nuked. So I think we could take one more wick down to the 100 MA, which correlates with the top of the 2019 squeeze at about 13k-ish.
What makes me think the bear could be dead, is with all the ballyhoo over FTX drama, the drop was much smaller than the Terra Luna rug.