In the short term there are a couple of things that urge us to tactically rein in our bullishness, not least that there is so much complacency in markets, at least as defined by volatility. Furthermore, the dollar has just sharply strengthened – should we be nervous about liquidity conditions?
We’re getting to the end of a consolidation period that is similar to previous episodes in the current bitcoin bull market.
Having long been dismissed as an irrelevant joke, bitcoin is getting a better hearing, but in many professional investment circles it remains grudging. What stage of acceptance are we at?
There are times to charge, and times to pull in one’s horns. We’re going through the latter stage at the moment. However, a pause for breath is healthy in a bull market. “Back and fill”, as they say.