Up or Down from Here? Bears vs. Bulls

Bankless

Tech News, Technology, News

4.7 • 1.2K Ratings

🗓️ 14 April 2026

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

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: https://x.com/JustDeauIt https://thedefireport.io/bankless --- 📣GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXYONE | SOLANA STAKING https://bankless.cc/GalaxyOne 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix --- 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: https://www.bankless.com/disclosures

Transcript

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0:00.0	Bankless Nation, I think the most important question for cycle investors is, where is crypto gone?
0:09.0	Are we going up?
0:09.8	Are we going down from here?
0:11.5	The market, of course, it's sort of where this battle plays out between bulls and bears.
0:16.6	That's how we get the market price is, you know, on a constant basis, the winner of these
0:22.4	skirmishes, the winner of these battles.
0:24.3	One of the most interesting battles that's happening in the crypto cycle right now is raging
0:28.6	now between the bulls and the bears.
0:32.0	The bulls think the bottom is in.
0:33.8	They think we're done here.
0:35.3	The bears think we're still headed for more pain, more dips, more prolonged, I guess maybe despair.
0:43.7	We're going to lay out both cases today.
0:46.1	I've got Michael Nato on the podcast, and he, as you guys know, is one of my favorite cycle investors.
0:53.7	He's from the TDR podcast. Mike and I usually
0:56.4	do these episodes on the TDR podcast. That's a whole separate feed. We publish them on a weekly
1:01.5	basis every Wednesday. If you're not tuned into that, go take a minute to subscribe to the TDR podcast.
1:07.7	The DeFi report's called, it's available wherever you listen to podcasts.
1:12.4	But the bulls and the bears, they're now fighting. It's like a almost to a standstill.
1:19.2	I would call this maybe the second battle. In fact, that's what you referred to it as,
1:23.0	the second battle of this part of the cycle. And I know, Mike, you are team bear right now. What I'm going to
1:30.2	ask you to do, though, in this episode, particularly when we get into the bull case, is to steal
1:34.8	man the bull argument for us. Like, give us the absolute best version of their points.
	...

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