The honest bear case that still stands despite the Iran deal for $BTC :

Goldman says no rate cuts until 2027. That's 18+ months of tight money.

BoJ may hike TODAY, tightening global liquidity further.

Warsh is a hawk, regardless of his crypto opinions.

PPI at 6.5%, CPI at 3.8%. Inflation isn't beaten.

BTC is still 50% below ATH. Recovery isn't guaranteed.

The Iran deal removes geopolitical risk. It doesn't remove macro structural risk.

Both cases are real. The wise approach: acknowledge both, size accordingly.