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G’day Folks,
Ladies and Gentlemen, we got them (and by them, I mean the bears who were short).
Bitcoin just ripped a hole right through the dense cluster of short liquidation levels we covered in Monday’s report.
This is the largest short liquidation event in history, and I had to extend the Y-axis on this chart to the downside quite a bit to fit it in.
The writing was on the wall for the 2025 bull market after several months of heavy selling by Long-Term Holders over-saturated demand. The long liquidation event on 10-Oct was the nail in the coffin.
Based on my analysis ever since 6-Feb-2026 in Welcome to Deep Value, it has been my view that we’re watching the writing on the wall for this bear to be running out of steam.
Time will tell, but I think this short squeeze is something that should, at a minimum, have the bears questioning their thesis.
Today’s post will be my assessment of this short squeeze, and how it fits in the picture of my longer-term bear market thesis.
I’ll cover the signs I am looking for to add even more confidence and conviction behind a durable cycle low being in, and what it will take for upside momentum to take back over.
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