The Pomp Podcast
#988 Will Clemente & Blake Davis On The Bull Case For Bitcoin Right Now
- Supply shock metrics show strong accumulation dynamics with long-term holder supply reaching all-time highs relative to Bitcoin issuance, signaling potential future price appreciation once demand materializes.
- Bitcoin price consolidation between $36K–$45K reflects low exuberance in derivatives markets (basis compression) alongside strengthening on-chain fundamentals, suggesting fuel is laid but a catalyst is needed.
- Recent real-world events (Russia sanctions, Canada frozen accounts) are raising awareness of Bitcoin's censorship-resistant properties, though sovereign adoption remains limited by Bitcoin's current liquidity constraints.
- Realized price and newer market participant cost basis sit around $46K; reclaiming this level would signal momentum recovery and attract trend-following participants into a potential bull market.
- Derivatives metrics (perpetual basis, quarterly contango) show muted enthusiasm compared to 2020–2021, indicating capital is waiting rather than aggressively positioning for upside.
- On-chain cost basis broken below $53K signals loss of momentum; recovery above this level is required before broader euphoria is likely to return.