There’s not much more to explain here it is what it is. I’ve been consistently making the same point: “From here, either Bitcoin drops faster, or it creates a vague sense of upside before moving on.” Those are the only two paths. Given the current situation, from the perspective of overall market participants, a faster downside move would likely be the more constructive outcome. broader U.S. equity trend has already broken down, and if Bitcoin holds up here and produces a weak, ambiguous rebound, it will likely spark narratives like “Bitcoin is different” or “this is why Bitcoin is holding.” That kind of narrative will rebuild market optimism. And if that happens, the eventual market shock will likely be even larger. No matter how it plays out, my view hasn’t changed. Nothing has improved in the current situation.(mignolet)