He draws parallels to the market conditions of 2019, but with significant differences influenced by the proliferation of leverage and the introduction of spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs).“Was 2019 a new ‘cycle’ or was it part of the bear market? ” Cobie pondered.“Floated this idea to a few people in March but everyone told me I was an idiot, which I am, but still it was quite rude to say that to my face.” Related Reading: Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000 The introduction of ETFs and the increased use of leverage have brought new complexities to the market.
This dispersion makes it challenging to identify a single driving force or pattern that governs the entire market.“I think this cycle is so unlike any other cycle it’s probably better to just stop thinking of cycles altogether,” Cobie stated.“It’s clear there is no one single thread pulling everything forward like it did before.” Related Reading: Not All Hope Is Lost’: Crypto Analyst Weighs In On The Market’s Performance This view is reinforced by the performance of certain cryptocurrencies.
Cobie expressed surprise at GCR’s recent market behavior, noting, “I actually found it pretty weird GCR kept talking about the echo bubble when he was bullish at the picobottom but then when shit started getting silly he just bought the dogwithhat NFT and broke his hiatus to come and tell people not to sell.” Overall, Cobie believes that the market is currently in a “multi-month/quarter cool-off reaccumulation period” for Bitcoin.
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