🎄Market Update & RC Podcast: MicroStrategy Bewilderment with Jeff Walton

A quick Bitcoin market update, as well as my conversation with Jeff Walton around why MicroStrategy creates so much Bewilderment amongst critics and finance professionals.

G’day Folks,

As we start to close out the year, I wanted to give a quick market update before we all close our laptops, and enjoy time away from the charts with friends and family this Christmas.

Today’s post will be a brief market update for Paid subscribers covering the Bitcoin pullback. We’re also releasing the latest edition of the Rough Consensus podcast with Jeff Walton (@PunterJeff) for all subscribers, covering our thinking about MicroStrategy. Watch the podcast below 👇

Jeff was very early to the MSTR trade, and has done an extraordinary amount of work thinking through the problem. I am a huge fan of analysts who do the Proof of Work, and as we know in Bitcoin, the obvious answer is often not the correct one.

We analyse the strategy that Saylor is putting into play, as well as discuss the many nuances of the various metrics and models for thinking about the MSTR trade. We cover how we think about this asset in both bull and bear markets, and why it creates such a remarkable level of confusion amongst market commentators.

I’m still very early in my MSTR journey, but I find it a truly fascinating motivator for helping me process how financial markets really work under the hood.

Wishing all of our subscribers a very Merry Christmas, and we will see you soon!

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Premium Members will find the written market update below. Consider upgrading to premium today to unlock the rest of the content!

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Disclaimer: This article is general in nature, and is for informational, and entertainment purposes only, and it shall not be relied upon for any investment or financial decisions.

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Quick Christmas Update

We finally have a decent pullback underway, and I for one, am very happy for it. The more time, process, and corrections we have throughout this bull, the more stable it is, and the higher we can go.

Applying a simple Fibonacci retracement since the chopsolidation low show a price of $86k as a key area of interest. We have the -38.2% retracement lining up with the STH cost basis, and this is an expected level for price to retest during uptrends.