The Bulls Last Stand
This is it. The Bitcoin price has finally reached the long-discussed $95k price zone which we have called the Bulls Last Stand, and it get very hairy should price fall below it.
‘I don’t really care about Bitcoin cycle tops, what I really want to know, is when we hit the bottom.’ - Aussie Bitcoiner overheard at the pub
G’day Folks,
After what feels like an age discussing The Bulls Last Stand of $95k, we’re finally here.
There’s no two ways around it, this is THE line in the sand if the bulls want this market to continue higher, because things get very hairy below this price zone.
The quote above is paraphrased, but was actually said at one of the Sydney Bitcoin meetups. I think about it all the time, because in many ways, it captures the zeitgeist and motivation of the highest conviction Bitcoiners. It is also one of the main motivators for me doing this analysis, to identify and distinguish risky scenarios, from opportunities.
There comes a point in every Bitcoiner’s journey, when you start to really dislike shallow pullbacks of -10% or -15%, because the discount just isn’t big enough to get excited about…
…but once we start to get into the territory of -25%, or more in bears, you find your mind starts working out of all the ways you could raise capital to buy more.
Today’s post starts a new journey, as this downside volatility has broken us out of the endlessly boring sideways grind, and entered us into a new market regime.
We’re now looking for opportunities to capitalise on this drawdown.
We all know Bitcoin has a bright future ahead of it, and the mission from here onward is to look for oversold conditions where sat stacking risk reaches a local (and eventually a global) minimum.
📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.
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