Bitcoin's technical outlook looks terrible right now. The monthly MACD indicator is bearish, and the price is trading below both the 50-week and 200-day moving averages. Everyone is saying Bitcoin and cryptocurrencies are doomed in the short term. Unless you were gambling recklessly or bought $SOL at $8, this will be one of the most disappointing periods ever. Technically, the market structure has completely collapsed. On the other hand, the macroeconomic situation has never been more optimistic. Interest rate cuts, increased money supply, the Fed repurchasing Treasury bonds, and massive stimulus checks are about to be issued. Historically, all bear markets begin with the Fed changing its policy tone, shifting from massive easing to massive tightening. The Fed has changed its policy tone again. But this time, we are not seeing tightening, but easing. We are now experiencing the most accommodative financial environment in recent years. And this easing will continue. Both scenarios are clear; ultimately, it depends on your beliefs and your asset allocation.