I am bullish on Bitcoin.

It's my largest holding & the majority of my net worth.

But I have to recognize potential (key word) threats to this bull market & the ongoing uptrend.

Objectively, this could be a Wyckoff distribution.

Here's how I'm interpreting this:

• If $BTC fails to make a new high and/or gets rejected around $104k, then the price action would continue to mirror the Wyckoff distribution pattern & increase the probability of a top.

• If that occurs, the "nail in the coffin" would be a breakdown below the lower-bound of the distribution range, below $89k.

• If $BTC makes new highs & extends higher, then it would invalidate this potential topping pattern and continue to put odds in favor of bullish outcomes.

• I expect to see a breakout & reiterate my cycle target of at least $175k; however, I'm just trying to be cognizant of the threats to my thesis and what that price action could look like.

For what it's worth, this was the exact topping pattern that ended the 2020-2021 bull market, which is why I think it's so important to have this on our radar and to pressure-test our bullishness.

If my objectivity makes you angry, tough shit.

Again, I'm bullish & I think we'll achieve the breakout to new highs.

(written at 3am ET, February 21, before the Coinbase + SEC news)

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