Market makers are a core part. The white vertical line is 10/10. That is exactly where the disconnect between
$QQQ (NASDAQ) and
$BTC took place.
I think liquidity is too thin across the board for a real run in anything outside of AI. Rates high, Oil High, Inflation high, and liquidity very tight.
We will see bud. Either way, at this point after a 50%+ drawdown I would consider it a new cycle regardless of the path forward.
Check this chart though, it tells a lot about 10/10