$BTC - Michael plans to deploy his 80% cash position to buy Bitcoin around $65k, viewing a 50% correction as a good entry point based on historical cycle analysis and convergence with key support levels like the 200-week moving average.
Bearish:
$BTC - Michael shifted to risk-off positioning due to market complacency and technical deterioration, including Bitcoin breaking below the 50-week moving average with multiple weekly closes, confirming his bearish thesis.
$RISK - Michael holds a contrarian view that Fed rate cuts could reduce liquidity by decreasing government interest payments on $38 trillion in debt, supporting his bearish stance on risk assets.
$CRYPTOEQ - Michael believes the crypto cycle has ended due to exhaustion of institutional demand from ETFs and corporate buyers, with the marginal buyer no longer present.
$DEFI - Michael expects persistent selling pressure from new market entrants who will sell into bear market rallies to get close to breakeven, creating headwinds for DeFi and other risk assets.