Bear Market Blues
Bitcoin dipped below $60k again, hitting a new cycle low of $59k yesterday. The good news, however, is that we’ve already bounced back to around $60,600. Even so, we’re still down 52% from the all-time high, and the bear market remains firmly in place.
The Fear & Greed Index sits at 17, deep in extreme fear territory, while ETFs have continued to see outflows over the past several weeks. Macro risks haven’t disappeared either, although oil has started to consolidate back below $80.
To me, Bitcoin’s weakness appears to be driven largely by sentiment. Everyone and their aunt seems disappointed and nervous right now. Saylor has become the scapegoat simply because he dared to sell 32 BTC. The reality is that nobody really knows where we stand, and the prevailing expectation has shifted toward the low $50k range or perhaps even lower.
That’s how things tend to feel in the middle of a bear market. It was the same story in 2022. Personally, I see this as a time to keep stacking. Even a return to the previous all-time high over the next 18–24 months would represent more than a 2x upside from current levels.
Don’t let the bears scare you out.
