I've shared several original studies in the past two weeks, which quantified Bitcoin's recent rally & momentum thrust. The average forward 6-month returns for these studies range from +40% to +60%. Average 1Y returns range from +80% to +150%. In order to generate those returns, investors were forced to sit through volatility, discomfort, and significant drawdowns. You must be willing to embrace that hardship, to an extent, if you want a chance to capture those average results. In my view, the current market conditions for Bitcoin represent the hardest period to create an objective forecast. Most of my data says we're still in a bear market. Some data suggests that a new bull started. Other data simply says that the worst of the bear market is over (which is more than enough, for me, to continue accumulating). But it's a mixed bag. At all other points in 2026 (and since Nov.'25), the data made it easy for me to be bearish. Now, the data is the most murky that it's been. This is why investors seem so polarized. For me, I've been comfortable to say that this is the "least bearish that I've been". Embracing nuance is hard in a binary world. I get that. Everyone wants to know if I'm bullish or bearish. I can't spoon feed you that answer. Anyways, talk is cheap. It's way more important to put my money where my mouth is, which is why I bought the breakout above the 200-day MA cloud above $72k and why I'll buy it again if we retest the cloud. And guess what? I'll buy higher than current levels too. I can afford to be patient, because I've recouped a full allocation. In order to buy higher, I need to see a breakout above the 2-day 200 MA cloud. That's currently $84,890. Irrespective of where price goes next, I buy. That should tell you enough about my outlook. Embrace nuance.(Caleb Franzen)