Crypto Bulls Are Running Out of Arguments

This morning, I started thinking about what still makes this a crypto bull market.

And the answer really comes down to what you’re weighing on the scale.

On one hand, the average drawdown in altcoins sits around 60% from their highs.

Charts like Ethereum and Solana look vulnerable.

Crypto stocks like Coinbase and MicroStrategy are struggling.

Meanwhile, Bitcoin is the last one standing

That’s the bulls’ only argument at this point.

Although BTC remains above a key area of underlying demand, price action has been messy—it looks like one big consolidation.

This can either be a massive distribution and a major top or just a consolidation within an ongoing uptrend.

For me, it all comes down to the VWAP from the US Election and the lower bounds of this range.

Call it $91,000.

As long as we’re holding above that level, the bulls get the benefit of the doubt, and the risk remains skewed to the upside.

However, a break below this area of ​​support would complete the top.

If that zone fails, the bulls are completely done, and I’d look down to the prior cycle highs around $70,000 as the next key reference point.

I would love to hear your opinion on this.

My mate Louis is my go-to for crypto. If you want to join him at All Star Crypto, sign up risk-free here.

Alfonso

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