Up or Down from Here? Bears vs. Bulls

Has crypto already bottomed, or is more pain still ahead? Mike and Ryan break down the bull and bear case in full, from Bitcoin fair value and market structure to global liquidity, AI demand, and the macro risks still hanging over markets. Mike explains why he thinks the setup still looks more like a bear market than a new uptrend, even if the odds are close. It’s a sharp episode on how to navigate a market that could break either way. Michael Nadeau & The DeFi Report: --- 📣GALAXYONE | SOLANA STAKING --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | PREDICTION MARKET 🪐GALAXYONE | SOLANA STAKING 🦊 METAMASK | DOWNLOAD NOW 🏅BITGET TRADFI | TRADE GOLD WITH USDT 🎯THE DEFI REPORT | ONCHAIN INSIGHTS 🌐BRIX | EMERGING MARKET YIELD --- TIMESTAMPS 0:00 Intro 1:18 Understanding the crypto cycle 3:23 The wealth destruction phase 5:30 Defining the current market conditions 8:14 Reflecting on past market battles 11:15 The four-year cycle explained 13:19 The impact of liquidity cycles 17:12 Analyzing the S&P and market health 20:34 The bullish case for crypto 24:07 Exploring on-chain metrics 27:16 The bear case outlined 32:14 The difficulty of market navigation 44:26 Summarizing the bearish perspective 48:12 Market uncertainty 59:54 Closing & disclaimers --- Not financial or tax advice. See our investment disclosures here:

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Up or Down from Here? Bears vs. Bulls is an episode from Bankless by Bankless.

This episode is 60:48 long.

This episode was published on Apr 14, 2026.

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