Crypto Trader Challenges Coin Bureau’s Bull Market Definition
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In a recent tweet, crypto trader Jason Pizzino addressed a video by the analyst that goes by the name “Coin Bureau,” disagreeing with his definition of a “true bull market,” suggesting that it aligns more with a “retail bull market top.”
However, in a long reply, Coin Bureau explained why he was “only cautiously optimistic” that crypto was entering a new bull market phase.
Hey, Jason. Thanks so much for the equally interesting response!
I’ll do my best to make my reply here just as interesting…
Below is an image of the total crypto market cap from 2017 to today. You can clearly see where the bull markets and bear markets are.
The price action… pic.twitter.com/OKBMWyFVq0
— Coin Bureau (@coinbureau) May 11, 2023
Jason Pizzino believes that the current situation marks the beginning of a bull market after a bear market bottom. “A bull market begins from a bear market bottom; like what we are experiencing atm. The current Bitcoin bear market cycle low was November 2022. Crypto, however, may still have further to fall and major altcoins, as you’ve pointed out in the video, are showing declines,” said the analyst.
In response, Coin Bureau shared an image of the total crypto market cap, suggesting that recent price action indicates a bear market rather than a bull market. They disagreed with the notion that the bull market begins at Bitcoin’s bottom and believe that most cryptocurrencies still have room for further decline.
Meanwhile, Pizzino argued that altcoins don’t need to rally initially due to many being fraudulent or failing projects. Typically, altcoins follow Bitcoin’s performance. Moreover, Pizzino suggested analyzing charts for a better understanding of topics like regulations, interest rates, and geopolitical issues. He also predicted that as long as US stock markets and real estate cycles remain bullish, Bitcoin will rise as a risk-on asset.
In their reply, Coin Bureau highlighted the importance of breadth in defining a bull market and expressed doubts that Bitcoin has decoupled from the rest of the crypto market. They noted the correlation between Bitcoin and stocks, suggesting that the recent stock market rally indicates a bear market rally for Bitcoin as well.
Coin Bureau expressed skepticism about Bitcoin and crypto being the go-to assets during a major global collapse and discussed the potential impact of liquidity decline due to factors like the debt ceiling. Additionally, Coin Bureau mentioned that regulations, interest rates, and geopolitics have not been fully factored into the crypto market.