
Bitcoin Approaches an Important Level
The speaker analyzes that Bitcoin (BTC) has reached its 200-day moving average (200 DMA) â a level that has historically acted as resistance during bear markets. The main question is: is this a rally like in 2019, or a continuation of the downtrend like in 2018?
Key Parallels and Scenarios
- Similarities to 2018: The sequence of lows (60k â 65k in 2025 vs. 6k â 6.4k in 2018) and the rally to the 200 DMA in May suggest a typical bear market rally.
- 2019 Exception: A brief breakout above the 200 DMA was possible but not sustainable.
- Historical Evidence: In past bear markets, breakouts above the 200 DMA (e.g., 2014) were short-lived.
Outlook and Risks
- The Bitcoin price might initially linger near the 200 DMA â similar to 2014.
- Ultimately, a return to lower levels is expected (e.g., a new cycle low in Q4).
- Potential catalysts for another sell-off: persistent inflation or economic uncertainty.
Staying in "Bear Mode"
The speaker remains cautious (âbear gogglesâ) and believes the current positive momentum is unlikely to last.
Conclusion: The 200 DMA is a critical threshold â historically, it has not been sustainably breached during bear markets.






