Today, while scrolling through Twitter, what really made me stop and look several times wasn’t the price—it was that meme of Musk and CZ.
Billy Markus woke up in Japan and posted, “How’s the market?” Musk immediately dropped a photo of CZ with a red filter, poking fun at the sea of red candlesticks. CZ didn’t take offense; he replied with a cartoon of someone saying, “I’ve been shot in the knee.” He Yi followed right after with the red and blue pills from *The Matrix*, asking everyone which one they’d choose. Then GM coin on BSC surged 1,180% in 24 hours. Watching this chain, I could only say one thing: a crash is a crash, but this circle’s ability to spin a narrative is definitely still alive. But I’m not chasing GM. Hype fed by big-name interactions like this runs out faster than anything.
Peter Schiff’s post actually made me want to laugh a little. He said the midterm elections were the “last pin” in the Bitcoin bubble, that AI has real value and Bitcoin doesn’t, and that people should sell immediately. He’s been bearish on Bitcoin for over a decade; this time, he’s just dressed it up in a new political wrapper. But he was right about one thing: Bitcoin’s fall from above $80,000 really was tied to expectations of regulation after the Democrats’ sweeping victory and the sell-off in tech stocks. I don’t buy the whole “Bitcoin is going to zero” line, but I do agree that, in the short term, it’s a high-beta risk asset being pulled around by macro forces—not a safe haven.
The post I’m really torn about is KillaXBT’s. He says the bottom is already in, and that the current drop is just because traditional markets have crashed and crypto is moving in correlation with them; market structure tells us more than seasonal patterns do. I stared at the $75,000 level for a long time—the Fear and Greed Index had fallen to 25, nearly $300 million had been liquidated in 24 hours, and long positions made up 80% of the total. Leverage is definitely being forcibly flushed out, which is usually a feature of bottoming regions. But “near the bottom” and “the bottom is in” are two different things. I haven’t changed my own positions—not because I believe anyone in particular, but because I haven’t yet seen ETF inflows return or BTC reclaim that $77,000 dividing line. Killa could be right, but I don’t want to gamble real money on a “maybe.”
Billy Markus woke up in Japan and posted, “How’s the market?” Musk immediately dropped a photo of CZ with a red filter, poking fun at the sea of red candlesticks. CZ didn’t take offense; he replied with a cartoon of someone saying, “I’ve been shot in the knee.” He Yi followed right after with the red and blue pills from *The Matrix*, asking everyone which one they’d choose. Then GM coin on BSC surged 1,180% in 24 hours. Watching this chain, I could only say one thing: a crash is a crash, but this circle’s ability to spin a narrative is definitely still alive. But I’m not chasing GM. Hype fed by big-name interactions like this runs out faster than anything.
Peter Schiff’s post actually made me want to laugh a little. He said the midterm elections were the “last pin” in the Bitcoin bubble, that AI has real value and Bitcoin doesn’t, and that people should sell immediately. He’s been bearish on Bitcoin for over a decade; this time, he’s just dressed it up in a new political wrapper. But he was right about one thing: Bitcoin’s fall from above $80,000 really was tied to expectations of regulation after the Democrats’ sweeping victory and the sell-off in tech stocks. I don’t buy the whole “Bitcoin is going to zero” line, but I do agree that, in the short term, it’s a high-beta risk asset being pulled around by macro forces—not a safe haven.
The post I’m really torn about is KillaXBT’s. He says the bottom is already in, and that the current drop is just because traditional markets have crashed and crypto is moving in correlation with them; market structure tells us more than seasonal patterns do. I stared at the $75,000 level for a long time—the Fear and Greed Index had fallen to 25, nearly $300 million had been liquidated in 24 hours, and long positions made up 80% of the total. Leverage is definitely being forcibly flushed out, which is usually a feature of bottoming regions. But “near the bottom” and “the bottom is in” are two different things. I haven’t changed my own positions—not because I believe anyone in particular, but because I haven’t yet seen ETF inflows return or BTC reclaim that $77,000 dividing line. Killa could be right, but I don’t want to gamble real money on a “maybe.”