Bitcoin’s Purgatory: No Bull, No Bear, Just Endless Pain

Imagine Bitcoin as that grizzled space cowboy, blasting through the galaxy after hitting a ludicrous all-time high of $124,000–$126,000 in early October.

Then it sheds a third of its swagger, tumbling to the low-$90,000s by November.

Winded, dominant, but refusing to pick a side. Enter our pseudonymous sage, called plur daddy in the social media, the crypto veteran who drops a bombshell on X.

Forget bull or bear. We’re in an extended consolidation phase, where overhead supply gets slurped up like infinite improbability drive fuel.

Sellers swarm the $120k zone

This hero’s call to adventure? Ditching the sacred four-year cycle worship.

“All crypto cowboys are primed for bull or bear,” plur snarls, “but maturity means gold-like chop.”

Gold danced between $1,650–$2,050 from April 2020 to March 2024, four years of fat, liquidity-drenched range trading.

And now it looks like Bitcoin’s evolving into that beast, supply flipping from weak hands to strong, no euphoria, no apocalypse.

Sellers swarm the $120k zone like reflexively programmed droids, front-running the last top to birth the next. Age, liquidity, thesis flips, tail risks, they all pile on.

Bitcoin consolidation

Plur’s not doomsaying the depths. “Lows may be in—or not much lower,” he muses, with upside capped but liquidity “poised to moderately improve.”

Bounce potential? Sure. Regime shift? Bet cautiously. It’s Bitcoin consolidation at its sassiest, traders raised on halving highs squirming in this purgatory grind.

Now, the trials heat up with macro dragons. The FOMC slashed rates 25 basis points to 3.50–3.75%, then snuck in $40 billion monthly so-called reserve management purchases, or RMPs of short-dated Treasuries starting December 12.

Official spin, plumbing for ample reserves, repo smoothness. X warriors brawl over it.

“Different from QE—no big duration yank—but they might snag 3-year notes, easing liquidity into the new year.”

Six to eighteen months of churn?

Another fellow expert, Miad Kasravi scoffs at QE labels, saying that Fed’s displacing money markets, cash flooding into credit, equities, Bitcoin.

FED is NOT doing QE
Just expanding balance sheet
via Money-market displacement

When the Fed buys bills, someone who held those bills now holds cash. That cash has to go somewhere. Some of it seeps into credit, equities, crypto.

— Miad Kasravi (@ZFXtrading) December 10, 2025

LondonCryptoClub goes full gonzo, shouting printing to fund deficits on autopilot,debasement trade engaged!

Lyn Alden nods, money printing, semantics be damned. Even Peter Schiff howls for gold as QE by any other name fuels inflation.

QE by any other name is still inflation. The Fed just announced it will be buying T-bills “on an ongoing basis.” Given that long-term rates will rise on this inflationary policy shift, it won’t be long before the Fed expands and extends QE5 to longer-dated maturities. Got gold?

— Peter Schiff (@PeterSchiff) December 10, 2025

FOMC rate cut and RMPs edge toward QE-lite, propping risk assets amid year-end doldrums.

Reserves swell, repo eases, perfect for Bitcoin range trading. Plur nails the elixir, six to eighteen months of churn ain’t strange for a maturing beast.

Crypto market cycle narratives? Bull, bear, purgatory, pick your poison. Markets chuckle and trade anyway.

The main insight blasts through, Bitcoin’s no longer a cycle slave, it’s a gold-chopping giant, digesting rallies with institutional grit while debasement whispers sweet liquidity.