I present to you the "Nightmare Bull Market", otherwise known as Bitcoin's price action since December 2024.

Higher highs & higher lows, but a tremendous amount of chop, long duration drawdowns, and short periods of massive gains, followed by more digestion.

Just look at the move from the April 2025 lows.

$BTCUSD gained +50% in 45 calendar days, but it really occurred over the span of 8 individual trading days.

Since those highs in mid-May 2025, Bitcoin is down -4.8%.

It's really nothing in the grand scheme of things, but the "issue" and the difficulty of this market has come from the chop.

Because since mid-May, BTC made new ATHs 8 times.

But it's also had 4 drawdowns of -10% or more, with the largest being the current consolidation of -18.1%.

To make matters worse, BTC is currently trading at the same level as it was on December 16, 2024.

So all of the gains in the past 12 months (up +56% YoY) came from the Presidential Election rally and the rest has just been a complete chop fest, which included a -32% decline in February - April 2025.

Even the volume-weighted average buyer since the April 2025 lows is currently at break-even.

Zero froth.

Zero profit.

Despite gaining +43.5% off the April lows.

That's why sentiment is shot, despite still being in an uptrend.

What's the takeaway here?

I don't even know.

But I'm hoping this provides some extra context on this price action.

Seeing a lot of "it's so over".

I still think we have at least one more "we're so back".

I hope to see you there.

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