Looking at the chart over the last year's weekly candles I can sorta see two possibilities. But this pump currently running really broke the bearish thesis, and hints at a steady uphill climb.

With Genesis and Nexo on the frying pan now, in 2022 you would have expected a dump, but here we are.

I know I can't see the future but I see a possible trend change that started in June last year, from a downward slope from the ATH, to a steady, slow upward motion. We are 100% seeing a reverse Bart in the chart right now, classic recovery after a panic sell, ie, everyone mistakenly selling even though fundamentals are supporting ongoing upward motion.

Shitcoin casinos going under is bullish for bitcoin, IMO, and indeed you can also see that the dominance ratio has returned to a high level it hasn't seen in over 4 years. I think USDC is going to continue ok but I think Tether and Binance stables are going to bleed userbase and market cap in the next 6 months, due to all kinds of historical and ongoing chicanery by their issuers.

Even still, for all those with dry powder, I pray for more downside so we can see the plebs soak up the available supply and vacuum it out of the paper bitcoin charade at the big exchanges.