Feel free to change my mind but I think the last months Bitcoin support is a great signal. Remember months ago when Bitcoin capitulation happened and whales got liquidated / cashed out? Since then we had a confirmed recession. Bear market rally - yet declined again when reality kicked in and inflation is still out of hand.

BUT I think Bitcoin has been doing pretty good so far during these bad times.

BTC vs NASDAQ

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BTC ( bottom candles ) & NASDAQ ( top lines )

This is a comparison between BTC & NASDAQ. Friday June 16 is when NASDAQ hit the lowest point in 2022. Bitcoin followed over the weekend hitting nearly 17500$.

On friday NASDAQ hit again nearly the same level. 11228 compared to 11068 in june. Only a 1.43% difference. And Bitcoin? Bitcoin is actually up +2% today. The lowest point last days is still +7% higher than last lows in june.

I personally am really suprised about this performance. The risky volatile asset that has been dumping on all the bad news until june is now pretty much stable and as strong as the NASDAQ? The hype might be gone but the bear market had great news for the fundamentals. Way more than any bad news.

If you would tell me 3 years ago that Bitcoin will experience a recession I would've expected the worst but not a strong support similar to a US Index lol

That being said Bitcoin is still way further away from ATH than NASDAQ. But Bitcoin having such institutional and general support at these levels really gives me hope for another great bull run in the future. I might be wrong but who doesn't mind some hopium in these rough times.