Do you think we are still in a bull market and will there be a Bitcoin rebound, or is it already a bear market and we are heading to hell?
1. On-chain data does not indicate and did not indicate overheating of the market in this cycle.
2. Cyclicality indicates increases.
3. Timing suggests that the bull market should end in Q4 2025.
4. BTC in this cycle has only grown 55% more than in the 2021 bull market despite the purchase of one million BTC by ETFs.
Today, BTC costs only 20% more than the peak of the 2021 bull market.
Considering inflation over the past 4 years and the purchase of one million BTC by ETFs, this increase is exceptionally small.
One might even ask how much BTC would have grown in this cycle if it weren't for the ETFs...
5. M2 money supply is increasing, which also indicates increased liquidity.
6. Long-term addresses are growing.
7. The amount of BTC on exchanges is decreasing.
All of this does not indicate declines.
What is your opinion?