Bitcoin has slumped from its November high of ~$69,000 to ~$17,000, a decline of ~75% from peak to valley. Everyone wants to know the answer to one question: Have we seen the bottom or could we go lower? This video builds the foundation of why I think we could go lower, specifically focusing on the risk-off behavior we have seen in markets since the start of 2022. While I believe you can argue that risk assets are currently undervalued due to their 2022 declines, I suspect they are still overvalued as we haven't seen a tightening cycle as severe as this one. It is my opinion that the investment narrative for Bitcoin and other cryptocurrencies has shifted from its "4 year cycle" or crypto-specific catalysts to this bigger picture, risk-off vs risk-on narrative. As such, the video does not focus on upcoming events like the Merge or historical events like the collapse of Luna, although these are topics for future videos. I hope you enjoy it! 0:00 - Bitcoin & Risk Assets 1:28 - Risk Off Example (Growth Stocks) 2:53 - Lending and Credit Spreads 5:21 - Jerome Powell comments on Inflation 6:01 - Quantitative Easing 7:38 - Interest Rates 8:54 - Venture Capital & IPO Activity 11:03 - Connecting it to Crypto 12:10 - Conclusion: Is Risk / Bitcoin Overvalued or Undervalued? 14:09 - Thanks for Watching! ================ My Platforms: Twitter: https://twitter.com/Truth_Investor Medium: https://medium.com/@Truth_Investor Seeking Alpha: https://seekingalpha.com/author/truth-investor/articles