"We had high hopes for the bitcoin price in 2025. It was supposed to be the crescendo of the four-year cycle, the most bullish setup in recent memory. It was the year after the halving, the ETFs had just been approved, a new president was elected, with the promise of the money printer roaring back to life. Everything looked primed for a Q4 blow-off top, and instead of a new life in Monaco, all you got was this lousy article."
"In the game of Snakes and Ladders, momentum drives us forward, but it can also provide a false sense of confidence. You can be one roll away from victory, only to land on a snake that sends you sliding back ten places. As much as hopium dictates that we pray for the price to go 'up and to the right', markets rarely oblige. Switching from the board to the chart, price action is played on a board of global liquidity and market sentiment."
Expectations for bitcoin in 2025 included a post-halving bullish crescendo: ETF approvals, a new president, and renewed monetary stimulus that appeared to set up a Q4 blow-off top. Actual market behavior was dominated by failing momentum, sideways action, and downside swings—described as a 'Year of Snakes' with few 'ladders'. The Snakes and Ladders metaphor emphasizes that liquidity and market sentiment, not isolated good news, drive price breakthroughs; when liquidity dries up, momentum stalls or reverses, whereas flooded liquidity produces rapid advances through resistance. 2025 primarily experienced liquidity shortfalls and sentiment weakness.
Read at Bitcoin Magazine
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