My personal view is that the bottom is in and there is great potential for an explosive move that is already underway and that begins gradually and develops into an explosive move. This does not preclude a liquidy event in the future that I believe is a fundamental hanging over the market. But this will likely happen from a much higher price.

2023 promises to be a very bullish year for bitcoin. $40,000 bitcoin may well be an overnight phenomenon that most miss. This is supported by the dearth of open interest and volume and the most reliable time-tested derivative exchange Bitmex. Little volume and small open interest mean that a very small increase in participation can drive the price sharply higher.

Just as miners had the wonderful opportunity to hedge their operations with a contango at 40k to 70k in 2021 and 2022, hodlers now have the wonderful opportunity to hedge their future purchases through September 2023 which I outlined in my last article.