BEARISH 📉 : Bitcoin must compete on fundamentals as macro rescue fades

Bitcoin's future may not be buoyed by macroeconomic policies, as suggested by macro analyst Lyn Alden in a discussion with Coin Stories host Nathalie Brunell. Alden highlights:

The current cycle is lackluster in both price and participation, with sentiment worse than 2022.
There is an absence of retail investors, no significant "alt season," and a lack of new narratives in the crypto market.
Fed Chair Jerome Powell indicated a gradual expansion of the balance sheet, starting with $40 billion in short-term Treasury bills, rather than large-scale interventions.
Alden suggests that the conditions do not demand a large monetary stimulus, as bank cash ratios remain high.
Bitcoin must compete on its own merits for investor attention, facing competition from AI-linked equities and precious metals.

Alden also notes:

The muted cycle is partly due to mediocre demand, with institutional buyers and ETFs being the main marginal bid.
Derivatives and ETFs are not the primary reason for capped upside; instead, weak demand in a larger market is the issue.
She expects bottoms to form as speculative money exits and coins move to strong holders, suggesting a gradual price recovery.
For Bitcoin to reassert itself, it depends on whether investors still value it as undebasable savings amidst competition from other assets.

At the time of writing, Bitcoin was priced at $67,556.

Bitcoin price chart