“Insane Evidence” Bitcoin has Capitulated in Past 2 Months – Time to Flip Bullish?

Of course it is time to be bullish as it would seem we are about to see what I think are going to be some major changes from this down cycle we’ve been in

‘Insane evidence’ Bitcoin has capitulated in past 2 months — analysis

“For Edwards, the raw evidence suggests that the past months have been bearish enough, and that behind the scenes, Bitcoin has been quietly capitulating.

‘The raw count of evidence for major Bitcoin capitulation today is insane,’ he wrote about his twelve key examples.

‘Each occurrence alone is a rare event and adds to the probability that forward risk-returns are skewed positively.’
In addition to popular on-chain signals previously covered by Cointelegraph including MVRV and NUPL, Edwards’ evidence includes macro triggers such as poor United States equities performance and stagnant M2 money supply growth.

‘We have just seen the _worst_ inflation-adjusted downdraws in traditional markets in the last 8 generations. Enough said,’ he continued, noting that the S&P 500 had delivered its worst returns in real terms since 1872.

The cherry on the cake in the 2022 Bitcoin bear market, however, is the rate at which industry players themselves have capitulated.

For Edwards, bankruptcy events at Celsius, Voyager and others, combined with Tesla selling the majority of its BTC holdings at a loss, is the ‘ultimate sign of capitulation.’

‘Take a look at the level of institutional capitulation here,’ he commented.

‘Leverage is one of the best indicators for relative over- and under-valuation in Bitcoin, and many major leveraged crypto institutions have been wiped out.’”



Master Asked on August 4, 2022 in Bitcoin.
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