Matt Cole doesn't think the last Bitcoin bull market was real. @Werkman gave him 2 options. Standard 4 year cycle, or a mid cycle pause with a much bigger move still ahead. His answer: the 4 year cycle is broken. Priced in dollars, Bitcoin kept setting records. Measured against gold, it never really did. It poked above the 2021 level for a minute and fell right back. The asset that's supposed to lead spent that entire run losing to gold. So he doesn't count it as a bull market. Just Bitcoin $BTC drifting up while the dollar loses value. Then a 50 to 60% drawdown that never felt like a bear market, because companies could still raise money the whole way down. Inside Bitcoin though, the mood has rarely been worse. @ColeMacro reads that as the tell. Nobody is bullish enough yet.