SUMMARY:Cowen's model from weeks ago played out: BTC found a low late June/early July → rallied → sold off mid-July around CPI → but CPI came in cooler than expected (3.5%) → larger rally. His model says: rally now, then give it ALL back in August going into September. This CPI bounce is the pre-sell-off pump.
Q1:"A few weeks ago, we talked about how Bitcoin would find a low late June or early July, rally, then sell off in mid-July around the CPI report — but that CPI would come in a lot cooler than expected, and that would fuel a larger rally."
Q2:"We got a little bit of a rally, sold off in mid-July, got a larger rally, and then gave it all back in August and going into September. That's exactly the pattern playing out."
Q3:"Headline inflation came in at 3.5 — coming in below expectations, and the market likes it. But remember: the rally is borrowed from the future sell-off."
SRC:Apify transcript · 7,979 chars · 224 segments