This market isn’t pricing in reality, it’s pricing in fantasies. Markets are always driven by confidence and emotions: Lately, I’m not sure if everyone has realized this truth: The crypto market has never been priced based on fundamentals, let alone data. Fundamentals and data are just the results of narrative shifts—emotions and confidence are what truly drive the market! Because the market is neither rational nor linear. After the big drop on 10/11, the lack of liquidity in the market is just a surface issue. The real problem is the blow to confidence. When confidence collapses, even good news will be interpreted as bad news, and any small rise becomes a selling opportunity. But when confidence returns, every green candle might be seen as the start of a new cycle. That’s why when the market is going up, you see good news everywhere. But when it’s going down, bad news is all you hear! Don’t believe me? Go search today—you’ll probably see a ton of positive news. So, do you think the market is pricing in reality? Wrong! The market is always pricing in fantasies. Most of the time, what’s different about the market isn’t the market itself, but what’s different in the minds of its participants. Price is just the average of everyone’s fantasies. In a market driven by emotions, the value of all information depends on what the market *wants* to believe at the moment. So, fam, what do you believe right now? Is this a fake-out pump, or the reversal after a proper shakeout? Let’s vote: Can we avoid the emotional extremes of the majority?