This is very important to understand.

Because it happens every single time.
Each end of the market is an extreme.
At the top you have euphoria, and there will be relevant narratives that arise because of that sentiment.
Supercycle, wild price targets, crypto will take over the world.
And they will be believable because the price reflects that sentiment.
Then, at the bottoms, you have depression.
And therefore the relevant narratives also arise in line with that.
Crypto is dead, where will the liquidity come from, Saylor will implode, we’re genuinely going to zero.
But these are simply just narratives that take hold because of sentiment, not because they are true.
Everyone has seen the emotional based price fractal that shows the chart with different emotional readings.
Euphoria and the top
Anger and depression at the bottom
Yet when they actually come around, every believes in the emotionally charged narratives of the moment and falls prey.
Where we are now is not different.
You just can’t see that because you are consumed by this current emotional state and are falling for it…
Just like everyone always has, forever.