# Bulls vs Bears: Who Wins? 

_Time for another battle royale_

April 8, 2026 • Michael Nadeau

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# Bulls vs Bears: Who Wins?

## Time for another battle royale

Michael Nadeau
 April 08, 2026

 Hello readers,

 Please note that we drafted this week's report before the two-week ceasefire was announced last night. That said, the latest news out of Iran does not impact the views expressed in today’s report.

 Back to business.

 BTC has now been trading in the $62.5k-75k range for 2+ months.

 As this plays out, we’ve observed that some market participants are becoming more confident that the “bottom is in.”

 The last time we saw similar price action was when BTC ranged from $84.5k to $97.6k, from late November of last year to late January of this year. The *bears *won that battle.

 Who’s most likely to win the next one?

 We explore in this week’s report.

 Topics covered:

- [The Bull Case vs the Bear Case](#the-bull-case-vs-the-bear-case)

- [BTC Market Structure](#btc-market-structure)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

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 Let’s go.

# The Bull Case vs The Bear Case

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