In my opinion it’s dead, yes. Yes, it can go to 40K again, 50K maybe. Changes nothing. They milked the cow until the last drop and now it’s over.
And I know very well it’s been called dead a hundred times.
The 2022 crash completely destroyed every chart structure, it will never recover. Even the long term logarithmic trend line is broken.
I day traded BTC and many altcoins for 3+ years. Full-time. Predicting prices was my job. I paid for my taxes, rent, food, everything with this job.
Am I shorting BTC? No.
Am I long/buying BTC? No.
Actually I don’t own any Bitcoin or any crypto and am not planning to ever buy it again. I no longer trade. It’s hands down the worst and most stressful job imaginable.
And I don’t care about “fundamentals”. Crypto is funny internet money that can just be killed with a power cut, is mostly used by scammers, drug dealers, and people who want to get rich without doing any work.
“Mining” crypto with electricity is the joke of this century. Although… it’s perfectly reflecting the time and society we are in right now.
I prefer hyper inflation with a cart full of cash, than having to deal with crypto. At least I can use banknotes to make a fire… or wipe my [%$&]
Edit: In 2018-2019 when BTC was “dead” last time, I was buying BTC for months and building a massive long position at the $3400-$4000 range. Just thought I would add this to make my point clear. It wasn’t always “DEAD”-dead. Now it is.