Setting a New Floor

Louis Sykes
February 12, 2024

In last week’s letter, we argued that a once-crowded bullish sentiment had cooled down in a bull market reset. We also put forward the case that crypto markets were at an inflection point between capitulation or reacceleration. Over the last week, we’ve seen Bitcoin sharply rally to the high 40,000s, indicating that this period of consolidation is ending with an upward resolution.

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