TLDR; $BTC needs another major catalyst to regain momentum and combat some of the uglier charts in the near term.
delphidigital.io/reports/the-go…1/ Bitcoin’s price was cut in half in less than two months, driven by the major unwind in leveraged positioning and profit taking following one of BTC’s best runs.
When everyone is leveraged long, it’s not a matter of if but when a major correction will take place.
h/t @RaoulGMI for the title inspiration
Initially, I thought this was just another intermarket move driven by the reallocation of capital from big winners back to $BTC.
But something seems different this time around...
Oct 9, 2020 • 59 tweets • 14 min read
0/ The world has morphed into one big macro trade.
Asset prices are increasingly driven by global policy expectations rather than underlying fundamentals.
Deflation + insolvency risk is rising.
Potential knock-on effects are too important to ignore.
Thread 👇👇 1/ There's still many “known unknowns” i.e. risks we know about but don't know if/when they’ll materialize.
Powell & Co. could send markets flying on a whim. Trump could send markets flailing with one tweet.
But 1 thing is certain: our reality has changed & the risks are real.