$BTC $SPY 🧠 Macro + Quant. Invest systematically. Newsletter: https://xitter.cf/t.co/US4nD9R1xB Charting Suite: https://xitter.cf/t.co/nPZ0MI5agI

Miami, FL
Joined August 2016
first bear market in bitcoin's history where we never broke below realised price. 2015: -25%. 2018: -40%. 2020: -30%. 2022: -20%. 2026: never.
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bitcoin has never had back-to-back down years. 2014: -58% → 2015: +34% 2018: -74% → 2019: +92% 2022: -64% → 2023: +155% 2025 closed -6%. 2026 sits at -6% with ten weeks left. q4 median is +28%.
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system caught the move, system left the move. my opinion of fair value was never consulted. that's the only way to operate. $BTC
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$BTC: 43% below power law fair value. cheap is a level and the trend is the gate.
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global liquidity fair value for $BTC: $207,960. 2.5x gap. deepest discount since 2015.
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$BTC LTH unrealised profit share, trough → today: 2015: 18% → mean. 2019: 35% → mean. 2023: 35% → mean. 2026: 60% → 88%. each prior cross back through the mean came 9–18 months before the part people remember. the boring stretch is where the position gets built.
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eight years of bitcoin on a log regression channel. seven decisions. five buys under -1.5σ. three sells over +2σ. every other day is a hold. today: -0.94σ. no decision required. not financial advice. just math.
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LTH-AVIV crossed back above 1. how underwater $BTC long-term holders got at each cycle low: 2015: -75%. 2018: -50%. 2022: -45%. 2026: -20%. either that's diminishing returns showing up early or it's getting harder to make the oldest coins sell.
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mayer multiple z-score just broke its cycle downtrend. 2020: broke at $9k. ran to $69k. 2023: broke at $20k. ran to $125k. 2026: broke at $69k. two for two. both went 5x+ for $BTC. waiting on the third.
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the bitcoin bottom used to be a moment; now it's a zone. days $BTC spent in the capitulation band before leaving: 2015: ~60 2019: ~5 2020: 1 2026: 200+ and still in it
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