🚨 Macro Has Changed.
So will Bitcoin really revisit 2022 lows?
Copper, gold, silver, and energy have all moved higher since the 2022 lows.
Global liquidity is improving again.
Macro conditions are no longer as restrictive as they were during the 2022 bear market.
So does it really make sense for Bitcoin to fully revisit the 2022 lows again?
Unless we get another major liquidity crisis, the macro backdrop today looks very different.
BTC still behaves like a risk asset in the short term.
But over time, it’s increasingly trading as a global liquidity asset alongside gold.
2022 was driven by:
• aggressive rate hikes
• collapsing liquidity
• strong dollar
• crypto contagion
That exact setup no longer exists today.