With BTC underperforming over most of September, talk of a cycle top was naturally amplified on social media, which shouldn’t come as a surprise considering Crypto Twitter has been obsessed with trying to call the top since Bitcoin ETFs launched in January 2024.
However, confluence is starting to stack up a little bit for the bears. From a traditional four-year cycle perspective, the “end” is near, there is slightly increased fear and uncertainty driven by the SEC’s investigations into DATs, altcoins are struggling and there doesn’t seem to be enough liquidity in the system to pump more than one at a time, and trench traders are still PVP-ing each on memecoins, which are performing worse than they did when BTC was at $30K in 2023.
Each rejection on BTC feels a little heavier than the last, especially with stocks and gold ripping to all-time highs every day.
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