The bear market will end not when the hype is toxic, but when there is no hype.

The perception of Musk is shifting from genius with superhuman powers of prediction to asshat who's headed for bankruptcy court. Multiple implosions of respected coins, and almost definitely more to come. Public, ridiculous amounts of fraud discussed on evening news.

The hype has turned net toxic, but that's not capitulation. That's just part of the way down. Capitulation is when you turn your back on crypto entirely.

People keep saying they'd buy the sht out of 1k bitcoin, but would you really?

Picture this: It's a year into the 2nd great depression. You've been out of work for several months and living on food stamps. Your crypto holdings are down 98% in value. You spend your days in bed.

Go buy bitcoin at 1k? Nah, fck it.

That's what the bottom looks like.