New NFT "drop", someone purchases, takes a DeFi flash loan, "purchases" it from themselves for a ridiculous amount, sells it to the sucker, pays off the loan.
I'm bullish on crypto, but this is just another cycle. Same as - what was it, 5 years ago?
Maybe 40k BTC will be the bottom... maybe it'll slowly taper down to 30, 25.. then it'll be quiet for a while, then...
I am bearish long term though because the narrative that anyone can get rich from crypto has time decay.
It doesn't just have to go up but it has to go up so much that the guy investing $10k thinks they will be "rich" from it someday. That is just so unsustainable as price goes up.
When that narrative is lost then it is just standard commodity speculation like gold/silver.
It took gold and silver 27 years to take out the 1980 high. The oversupply from mining that very high prices create makes the boring bear market longer.