NEW: Jordi Visser believes 30% of the market makers went out of business during the $19 billion dollar crypto liquidation in October.
He says that retail and macro funds are too scared to buy Bitcoin here because the chart looks terrible until we recover above $92,000.
#Bitcoin bears out in full force, making 3 similar macro bets 1)US IR policy perpetually tight 2) Fed wonβt have to revert to monetize debt 3) Institutional interest permanently dead
All 3 100% wrong
Long term use metrics continue to trend higher. Price consolidation approaching
Bitcoin doesn't have bear markets, much like the Internet doesn't have dips in adoption. Adoption is one way only. This concept is misapplied to Bitcoin by traders because it appears to have a price. Adoption is only going in one direction. Fundamental value grows with adoption.
Happy New Years to all, including the haters, losers, nocoiners, private blockchainers, CBDC enthusiasts, energy FUDsters, MMTers, and team transitory-ers