Is the Bitcoin Supercycle Theory Dead?
Today. You're looking at the super cycle theory and weather. Recent price action means that. We need to just banish it to the dust heap of history. There is nothing that people love more than telling you when things go badly that that is real life that all the excitement dreaming and optimism is fake and that the disappointment is real by those metrics. That last couple of weeks have been the realist of this cycle. Bitcoin has limited listlessly along for months. Since it's early to mid april highs and it felt even before the parade of over the last couple of weeks that some momentum had been lost maybe it was not enough new institutions buying or at least not buying fast enough for publicly enough. Maybe it was more of the trader and wail attention shifting to a theory defy dog coins. Whatever the case the scene was set for some executives force to push the mood and consequently the price even lower and along that came perfectly in the form of the fickle friend that loki. Trickster himself elon. Musk after helping. Drive the price from the high thirty thousand to sixty thousand thanks to tesla's big bitcoin by eu on effectively took it all back when he announced tesla was reversing course on bitcoin payments for vehicles due to environmental concerns that was followed up with china fudd insignificant seeming at first when it was just reuters sensationalizing policy that had been enacted for years earlier but it became much more significant when it was the vice premier of china talking about bitcoin mining bands from the highest echelons more significant still was when it was minors rapidly disgorging themselves of bitcoin and even in some cases mining machines in order to have capital to swiftly pick up and move operations should things manifest that minor selling drove. Another wave of price declines over the weekend. Although this time it was driven by spot selling not just liquidations and mandy last week can feel really really bleak. I was watching on twitter. And i saw desperation capitulation. Just real glumness. None of that fun. Bravado that crypto twitter does so well. In fact i saw a few people comment that it felt like a full bear cycle hyper compressed in a couple of days and that's not inaccurate