Crypto Analysts Challenge Each Other On Market Predictions
Celebrity crypto author, Ben Armstrong, disagrees with Blockworks founder Jason Yanowitz on his observations about how persevering through the bear market now will be worth their while in his recent tweet.
This is a good thread. But I disagree.
This is exactly what happened the two last cycles, but the macro + crypto storylines (DCG, FTX, Regulation,
etc.) has kept the bear market attention at an ATH and we I don’t think we will see the doldrums of interest like we have in past. https://t.co/EjFbA4c5iJ
— Ben Armstrong (@Bitboy_Crypto) January 31, 2023
Ben Armstrong, commends Yanowitz’s thread calling it a good one but feels against Yano’s claims that the bear market will take a full revolution and bounce back to bull market. Armstrong states:
This is exactly what happened the two last cycles, but the macro + crypto storylines (DCG, FTX, Regulation, etc) has kept the bear market attention at an ATH (all time high) and I don’t think we will see the doldrums of interest like we have in the past.
Armstrong analyzes the current crypto market — the crypto winter, the prompts of new crypto regulations, the fall of FTX and the scrutiny faced by DCG — against what has happened previously in the bear-bull cycle of crypto.
In a series of tweets, Yano explains how currently the bear market is running stage three, which is a stage of apathy for crypto professionals. He comments that this is the toughest phase of the bear market.
Stage one was the unwind, where the excitement and greed of the bull trend existed, Yano claims. He observes that it only felt like the crypto market pulled back to realistic observations, and didn’t conjure up any massive changes.
However, when it came to the second stage, there was forced capitulation. “It got ugly,” says Yano. He observes this is where layoff happened, narratives died, and prices fell 90% and another 90%. The feeling of excitement was replaced by anger.
Yano points out that the crypto market is now at stage three, where there is bottomless exhaustion, no narratives, prices are being consolidated sideways, and is boring. More people will be seen leaving the crypto space and giving up, as this stage will test perseverance. The sentiment has been shifted from anger to silence as people have gone from “pain max” to “max exhaustion.”
Yano urges his followers to trust him on his prediction that things will pick up from here, rewarding those who decide to stay. He says, “I can assure you, there’s no better feeling than seeing everything you built in a bear market pay dividends in the bull.”