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It's been a long time since I last talked about BTC, and BTC has recently hit a new low for the current phase.
This time, the bearish logic seems very solid.
The biggest participants are starting to sell coins,
BTC already has an ETF, institutions have already taken over, and there will be no more capital inflow in the future.
The industry has no innovation, no new people are coming in.
All of these are quite true.
Let's go back to December 2022. BTC at 15,000 USD.
One of the industry's largest CEXs collapsed, cryptocurrencies were widely condemned, and sovereign funds were wary.
Forget about BTC ETFs, just avoiding SEC crackdown is considered a blessing.
Was that despair back then, or is it despair today?
Every time the price hits a low, it seems there are a thousand reasons why you absolutely shouldn't buy the dip.
That is precisely why that point becomes the low.