SummaryBitcoin continues to move within a clearly defined downtrend channel.But the beaten-down sentiment is providing a contrarian buy signal since many months already.Statistically, the seasonal window will improve significantly from mid-October and will remain bullish until the end of the year.However, the ongoing liquidity crisis is not over and could last well into 2023. The final bottom for this bear-market in everything is therefore not in sight. We suspect Bitcoin and crypto will not be able to escape this.While the stock markets are falling in gaps like in 2001, the volatility index S&P VIX Index (VIX) is still rather acting like it would be in a bull market. Yet, commodities have been crashing like in a deflation, but treasury yields are trading around a 15-year high signaling inflation would be at 20%. On top, ultra-pessimistic sentiment is quickly shifting to super optimistic, yet generally reflecting complacency as if nothing is happening. Nothing seems to add up.ReviewUntil mid-August, all financial markets were able to recover euphorically in the context of the expected bear market rally in the summer. However, the last seven weeks brought strong pullbacks and new lows in almost all sectors. In this process, Bitcoin (BTC-USD) as well as the Grayscale Bitcoin Trust (
