Bitcoin hit $85,000 on Monday. The financial media asked if crypto winter is over. They asked this because the price went up. That's the entire thesis.
Eight months ago Bitcoin was at $85,000. Nobody threw a parade. The price existed. People owned it. Then it went down. Now it went back up to where it already was. Traders are treating this like a moon landing.
The "crypto winter is over" debate assumes crypto winter was a real season instead of a made-up term journalists invented to describe numbers going down. Numbers went down. Now they went up. This happens every Tuesday. The market doesn't debate anything. The market is not a person. It cannot hold opinions. Fifteen guys on Twitter with laser eyes in their profile pictures are debating whether winter is over while their portfolios sit eighteen percent below their 2024 cost basis.
Bitcoin extended a rally over the past few days. Extended means it already happened and now it happened more. The word rally means the line went up instead of down. None of this is analysis. None of this predicts what happens next. The price could hit $90,000 tomorrow or $60,000. Both would generate identical headlines with different numbers.
Retail traders are now Googling "is this a bull market" and reading seven conflicting articles written by people who own the asset they're analyzing. They'll buy at $86,000 because they're afraid of missing out on a move that already happened. They'll sell at $82,000 in three weeks when they're afraid again. The crypto winter debate will continue because content needs to be produced and people will continue to confuse a search engine with a financial advisor.
The price went up. Congratulations on returning to January.
Photo by André François McKenzie on Unsplash
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