The rise of the Bitcoin price into the six-digit range is not going according to plan.

I believe that the combination of strict regulation on the one hand and nebulous and/or regulatory requirements on the other, as well as the crypto ecosystem’s exhausting connections to Wall Street, may have hindered the crypto revolution.

If Bitcoin was a financial uprising, it was managed and is now just another commodity or voucher system. At least it has been stripped of the possibility of explosive and imploding forces that we saw demonized by FTX, but it is responsible for $2 trillion in value above the line currently in circulation and probably that much again below the line of economic activity. That’s a lot of value! However, its exponential growth has been regulated into a logistic curve, with growth now a lame asymptotic. To sum it up simply in English: crypto has been crippled.

A Bitcoin Maxi would say: “We’ve seen this before, just hold on, Bitcoin’s future dominance is inevitable.”

But even if they’re right (and the facts say otherwise), not many of us plan to become the richest man in the cemetery, and the prospect of a million bitcoins sometime in the distant future isn’t particularly appealing right now.

So where are we with crypto?

Bitcoin

Bitcoin
is all you really need to look at, and here is the diagram:

Lower lows and lower highs are a classic, chart 101, and it doesn’t take a genius to see that Bitcoin is slowly but surely drifting downward. You have to be optimistic by nature to expect a sudden breakout higher from here. Moreover, it would be difficult to link the initial rally to a new rally, meaning there would have to be a new impetus to push Bitcoin to $100,000.

The range of this slightly bearish trend tells us that there is a lot of uncertainty in the market, and uncertainty is never a good thing.

If we have experienced a crypto summer, then the market definitely feels like autumn and that of course quickly leads to winter.

The coming weeks will put this hypothesis to the test, and the chances of that final rise above $100,000 that we have all been waiting for are getting slimmer and slimmer.