Up or Down from Here? Bears vs. Bulls

Has crypto already bottomed, or is more pain still ahead? Mike and Ryan break down the bull and bear case in full, from Bitcoin fair value and market structure to global liquidity, AI demand, and the macro risks still hanging over markets. Mike explains why he thinks the setup still looks more like a bear market than a new uptrend, even if the odds are close. It’s a sharp episode on how to navigate a market that could break either way.

Michael Nadeau & The DeFi Report:
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TIMESTAMPS

0:00 Intro
1:18 Understanding the crypto cycle
3:23 The wealth destruction phase
5:30 Defining the current market conditions
8:14 Reflecting on past market battles
11:15 The four-year cycle explained
13:19 The impact of liquidity cycles
17:12 Analyzing the S&P and market health
20:34 The bullish case for crypto
24:07 Exploring on-chain metrics
27:16 The bear case outlined
32:14 The difficulty of market navigation
44:26 Summarizing the bearish perspective
48:12 Market uncertainty
59:54 Closing & disclaimers

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