GM to the winners club. Crypto Nutshell Pro #85 seein’ the light… 👼🥜

If you’re new here, each Crypto Nutshell Pro is broken down into 2 sections:

The goal?

Help you understand exactly where we are in the cycle.

By now, you should have read through the following page: Read This First

(Click the button at the bottom of the page to continue the welcome series - there are 4 pages in total to read)

These give you a broad overview of the Crypto Nutshell Pro Portfolio and how we’re looking to play the second-half of this bull run.

And in case you missed last weeks Nutshell Pro, you can check that out here.

Now, let’s jump in…

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Two weeks ago, we told you the low was probably in at $59,000.

This week, Bitcoin traded down to $58,188 and sliced clean through the 200-week moving average we said was holding.

So we aren’t going to hide it: we called it early.

So now, let’s take a look at what the data is saying and where it actually leaves us. 👇

1. We Called It Early

Two weeks ago, we made the case that the June 5th low at $59,000 was probably the cycle bottom.

Two catalysts had landed together, the SpaceX IPO and a cooling Iran situation, and the structural setup looked strong enough to call it.

We leaned bullish. We told you plainly we thought the low was in.

It wasn't. Or at least, it hasn't been yet.

The tiebreaker we flagged was Kevin Warsh's first FOMC meeting, and we said a hawkish surprise would put $59,000 back in play.

That's exactly what happened. The Fed came in hard, and every data print since has piled on. Bitcoin is now trading below where we were bullish, the 200-week moving average has broken, and ETF outflows have run seven straight days.