We Know What We Own
There is something very special about Bitcoin, and breaking the conviction of HODLers is no easy feat. There is a measurable threshold of pain they can weather, so let's see how far off we are.
Hola Folks from Barcelona!
I’ve just wrapped up at the CheatCode conference in Bedford, and what an incredible event it was. The project Pete is building to revitalise a forgotten English town is remarkable, and incredibly inspiring. I will almost certainly be back next year.
Attending smaller scale Bitcoin conferences (~400ppl) like CheatCode and Bitcoin Alive are the best, in that they remind you of the high quality of the people we’re working with.
The depth and quality of conversation I had with Bitcoiners over the last week was so good, I couldn’t help but walk away with an even higher conviction and confidence in Bitcoin. We’re in the trenches with brilliant and honest people who have done the proof-of-work understanding how the world works.
I also want to give a shout out to all the checkonchain subscribers who I met (and to those I missed) at the event, it was such a pleasure to meet each and every one of you. For the folks who I got a photo with, I’d also love a copy, so feel free to send one through if you wish.
The CheatCode, in my opinion, is Bitcoiners we’re in this asset alongside.
Ok, onto business. It’s been a couple of posts since we assessed the status quo of market conditions, so today we will resolve that gap. This post will cover three key dynamics:
My read on the key price models, and how the market is trading around them.
What the supply and demand balance looks like within the prevailing drawdown.
How HODLers are responding, and whether the red candles have broken the spirit of the bulls.
📈 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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