It's over... we're so back... it's over...
But really, we're so back!
If a chart were a painting, then the BTC chart could make a grown man weep. And no, we're not in a raging bull market. But it appears we've just left the indifference/depression stage of the market cycle.
The BTC chart has given us official permission to be hopeful (of course, we had never lost hope to begin with).
Let's have a look at last month's developments.
The 'Coin Telegraph intern' that pumped the price based on a rumor of a Blackrock spot BTC ETF approval may ironically have kicked off the new phase of the bull market... This initial pump of October 16 got rejected, as the rumor turned out to be false.
But the mood had noticeably changed. Traders and investors suddenly seemed to have been given the price action playbook for an actual BTC spot ETF approval, which is likely imminent.
Finally, a week later, on October 23, BTC broke out of the price range it had been trapped in for more than half a year. In no time the price shot up and briefly exceeded 35k.
The BTC breakout also marked a clear decoupling from the stock market. A temporary phenomenon? We'll have to see. But it is a significant move from BTC (blue) compared to the Nasdaq (orange, ironically, in below chart.)