"Is this the start of the bull market or just a dead cat bounce?" My take: This definitely feels different - it doesn't feel like a dead cat in terms of follow through/correlation to gold/vibe/on chain activity. I think BTC is increasingly seen as an alternative gold play, hence correlations hitting yearly highs whilst it has decoupled from equities. I think there are big players who made money off the AI trade who are looking at crypto as a rotation trade - and there's a big pool of capital there. On-chain is also violent - there is clearly demand for speculation and blockchain remains the best casino on the planet. That isn't going away. At the same time, aside from on-chain (which imo is its own market now), I do question whether there is enough outside capital coming in to sustain price action in the short- to mid-term. We are also closer to HTF resistance than we are to support - so you can be patient with entries imo. A decent strategy is scaling into strong stuff at local support and having LTF partial invalidation levels to protect positioning. Ultimate goal is to limit downside exposure whilst catching the meat of the move. Easier said than done, but that's why having a plan now and sticking to it will be very important. Especially because I don't think this will be smooth sailing in either direction (violent pumps will make you FOMO and shakeouts will make you doubt).(Miles Deutscher)