It’s obviously a dead-cat bounce. It has to be a dead-cat bounce. Oh god, please, please make this a dead-cat bounce. These narratives and many others are running through the minds of the bears as Bitcoin shows them that, no, the orange coin does not have to adhere to your precise definition of the four-year cycle. This is the kind of week that almost makes you feel a little bit sorry for all the bears. Almost. You just know some poor BIP-110 believers were convinced that because their personal vision for Bitcoin didn’t work out, they opened up a few shorts and got absolutely slapped at the bottom. You just know (and I’ve personally seen) crypto influencers staying sidelined and absolutely certain the bottom is still pre-programmed for October. You love to see it. And selfishly, I feel quite vindicated that mere hours after writing the most bullish piece that I ever have, the price ripped. It feels good, not going to lie, but instead of getting a big head and getting more confident, I want to do something else. I want to challenge my assumptions. I want to examine the question that’s on everyone’s mind right now. Is this a disbelief rally? TLDR: I think so.