Crypto getting ready to dump, again

Tyler Cowen on crypto:

I’ve said it before and I’ll say it again. Crypto is a “luxury,” long-term financial intermediation project which may or may not succeed. It comoves with the market, stability, low interest rates, and long time horizons. It is not a potential substitute for fiat currency.

He’s right: It’s not a substitute for fiat. The idea or belief that crypto is a refuge from the financial system, is wishful thinking or delusional.

It’s just a dead cat bounce. It will be below $20k again in no time, as it always does. I had my most profitable day ever last week with my method after BTC crashed to $20k. I have resumed it today and also made a profit.

As shown below, BTC is testing $24k for the third time. If history is any guide, it will fail again:

I only short BTC during market hours, so I was able to avoid getting squeezed by this rally from $20k to $25k. There is no need for anyone to buy crypto when tech stocks are better. Meta stock keeps going up. Way easier to make money by buying that.