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Jan 30
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SHORT
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Bob Elliott
Substack author, Nonconsensus
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"Bitcoin showed similar price moves in both shocks, though notably did not see the type of recovery other asset markets had in the afternoon yesterday, suggesting the BTFD crowd is not all that active these days in the digital currency. Think this is interesting as it suggests this is more a tradfi concentrated speculation..." Bitcoin's relative underperformance (lack of recovery) suggests weaker speculative support compared to traditional assets. If the broader speculative mania fades, Bitcoin might face even greater headwinds or lag in any recovery. Short Bitcoin/Digital Currencies, or AVOID long positions, due to signs of weakening "BTFD" support and its vulnerability within a broader speculative unwinding. Renewed retail interest, institutional adoption news, or a strong rebound in broader speculative assets could lift Bitcoin. |
Nonconsensus
Speculative Mania Speedbumps
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