8 Reasons Why The Bitcoin Bear Phase Is Just A ‘Boogeyman’


While
the
Bitcoin
price
hasn’t
reclaimed
the
crucial
$60,000
level
to
reenter
the
previous
4-month
trading
range,
Ikigai
Asset
Management
Chief
Investment
Officer
(CIO)
Travis
Kling
thinks
that
the
current
bearish
phase
is
not
more
than
a
“boogeyman.”
Via
X,
Kling

listed
eight
reasons
to
be
bullish
on
Bitcoin.
He
stated:
“NFA.
I’m
wrong
often.
The
current
“bearish”
backdrop
seems
easier
to
look
through
and
buy
than
most
of
the
boogeymen
we’ve
had
in
these
markets
over
the
last
6
years.”

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#1
Rapid
Bitcoin
Liquidations
By
Germany

Travis
Kling
observes
that

Germany
has
significantly
decreased
its
Bitcoin
holdings,
from
50,000
BTC
to
22,000
BTC
in
recent
weeks.
According
to
him,
“Germany
is
speedrunning
their
#Bitcoin
dump.”
He
predicts
the
selling
will
soon
cease,
suggesting,
“By
the
time
they
get
down
to
~5k,
the
market
will
look
through
it.”
Kling
implies
that
the
market
impact
of
Germany’s
Bitcoin
liquidations
is
temporary
and
nearing
its
end.

#2
Mt.
Gox’s
Overestimated
Market
Impact

Kling
addressed
the
potential
market
effects
of
the

Mt.
Gox
repayments,
characterizing
the
fear
of
massive
sell-offs
as
more
speculative
than
based
on
the
creditors’
likely
actions.
He
stated,
“Gox
seems
more
FUD
than
actual
mass
selling
(just
a
guess
but
feels
that
way).”


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Reading

He
believes
the
creditors,
many
of
whom
are
sophisticated
investors,
are
likely
to
sell
their
holdings
methodically,
e.g.
via
TWAPs,
thus
reducing
the
impact
on
the
market.
Regarding
the
retail
investors,
Kling
asked
a
rhetorical
question,
“You’ve
hung
on
for
decade
when
you
could
have
sold
ages
ago.
You’re
just
going
to
aggressively
dump
now,
three
months
after
the
halving?”

#3
US
Government’s
Bitcoin
Strategy

Regarding
the

US
government’s
Bitcoin
sales,
Kling
emphasized
the
measured
approach
taken
so
far.
He
stated,
“But
they’ve
been
pretty
measured
with
selling
so
far,
so
I
assume
they’ll
continue
to
be
pretty
measured.”
While
he
admits
that
the
US
government
selling
is
the
“hardest
to
get
your
head
around
in
terms
of
pace/method,
and
their
stack
is
huge,”
he
claims
that
the
selling
is
unlikely
to
disrupt
market
stability.

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#4
Retail
Investment
Boost
Through
ETFs

Kling
highlighted
a
surge
in
retail
investment
in
Bitcoin,
particularly
through
ETFs,
following
recent
price
dips.
He
remarked,
“You
have
boomers
slurping
the
dipperino
in
the
BTC
ETFs
Fri
and
Mon.”
This
trend
indicates
strong
retail
investor
interest
in
capitalizing
on
lower
prices,
suggesting
a
bullish
sentiment
among
this
investor
segment.

#5
Ethereum
ETF
Anticipation

With
the
anticipation
of

US
spot
Ethereum
ETFs,
Kling
noted
that
the
price
of
ETH
remains
only
slightly
below
its
level
prior
to
the
emergence
of
ETF
rumors,
indicating
minimal
speculative
hype
has
been
priced
in.
This
observation
suggests
that
the
market
could
react
positively
to
the
launches.

#6
Interest
Rate
Cuts
Are
Near

Kling
also
discussed
the
potential
for
upcoming
Federal
Reserve

rate
cuts,
noting
the
market
has
priced
in
a
significant
probability
of
such
an
event
in
September.
He
stated,
“If
inflation/labor
data
is
light
this
month,
Powell
will
likely
tell
the
market
that
Sept
is
a
live
meeting
at
the
7/31
FOMC.
Nickileaks
has
already
teased
this.”


Related
Reading

The
fund
manager
is
referring
to
Wall
Street
Journal’s
Nick
Timiraos
who
is
also
known
as
“mouthpiece
of
the
Fed”.
A
few
days
ago,
Timiraos
wrote
via
X
that
the
June
jobs
report
will
make
the
July
Fed
meeting
“more
interesting”
because.
“For
the
first
time
all
year—a
real
debate
over
whether
to
cut
at
the
*next*
meeting
(in
September),”
he
remarked.

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#7
The
Potential
Trump
Pump

Kling
speculated
on
the
political
landscape’s
influence
on
Bitcoin,
particularly
under
a
potential
Trump
presidency.
Kling
posed
a
rhetorical
question,
“What
else
would
you
rather
own
than
crypto
going
into
a
Trump
presidency?”
with
regards
to
the
latest
pro-Bitcoin
and
crypto

comments
by
the
leading
presidential
candidate
in
the
polls.

#8
Bitcoin
And
Nasdaq
Re-Coupling

Kling
pointed
out
the
disparity
between
NASDAQ’s
continual
new
all-time
highs
and
Bitcoin’s
relative
underperformance.
He
noted,
“NASDAQ
keeps
making
new
ATH
after
new
ATH.
Crypto
has
completely
decoupled
to
the
downside.”
He
suggests
that
Bitcoin
is
undervalued
relative
to
the
major
market
index
and
soon
starts
a
catch-up
rallye.
“You
could
argue
BTC
is
lagging
QQQ
by
40%
YTD,”
Kling
concluded.

At
press
time,
BTC
traded
at
$59,147.

BTC
reclaims
the
200-day
EMA
(blue),
1-day
chart
|
Source:

BTCUSD
on
TradingView.com

Featured
image
created
with
DALL·E,
chart
from
TradingView.com

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Author: Jake Simmons


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