The message is not a victory lap, he emphasized: “It’s silly to even have to say this but the referenced tweets are not about being wrong or right – simply references to sentiment… Sometimes it’s better to observe more, love more and say less.”
The positioning argument rests on a simple historical heuristic: selling “after” a deep deleveraging event is usually a poor trade once forced sellers have been flushed. “Anyone want to run the math on what percentage of -30–40% open interest crypto liquidation events was it a good idea to get bearish AFTER it happened?” Thompson asked
“When this picture leaked it was nail in the coffin and the most obvious buy gold signal you could get after its 4–5 month consolidation,” he wrote, arguing that Bitcoin now sits in an analogous posture after a ~10-month consolidation.
At press time, BTC traded at $109,101.
