The Next Bull Market | Roundup

**Xavier** (0:00)
I think for this cycle to work in a big way, it has to be retail driven and or agent driven, like Mike was saying before, like retail almost needs to interact with agents or agents need to interact with themselves and get this thing going. And I think that will happen. So like, that's what I'm bullish on this next cycle.

**Myles** (0:13)
Hey everyone, quick disclaimer before we get into today's episode. Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely our opinions, not financial advice. Our guests and I may hold positions in the companies, funds or projects discussed.
All right, everyone, welcome back to another episode of Bell Curve. You got me, Myles, Xavier. Fellas, how we doing?

**Mike** (0:40)
Great. It's finally nice out in Boston. So everybody's in good mood.
Back outside for the first time in six months.

**Myles** (0:50)
Lovely.
I'm actually feeling a little bit guilty this morning. Chonk is getting neutered. I dropped it off at 730 And I didn't expect to feel quite as bad as I did. It's just one of these crazy things that we've just normalized for dogs. It's like, hey, you are a little bit too energetic and you're turning people off. So we're just going to take your nuts off.

**Xavier** (1:14)
I had the same problem with our pug. So I totally understand, Mike.

**Myles** (1:18)
How did you, did you struggle mentally with? Because I was that kid when I was young, all the teachers were like, he can't sit still. It's like, yeah, I'm a human male child. I can't sit still for eight hours a day.
And I just felt like that. I was dropping this dog off and same thing. So I felt a little guilty about it.

**Xavier** (1:36)
By the 100th time it hums your leg, it's time to get it done. I mean, yeah.

**Mike** (1:43)
Oh, God. It's also, you know, the aesthetics are a consideration here as well.
Like you can tell dogs that aren't neutered. You're like, oh, I wonder what that guy's doing. Maybe they're a breeder.

**Xavier** (1:59)
It's like, yeah.

**Myles** (2:00)
Nope. Just didn't want to lop his nuts off. But yeah, it's the anyway. You know how when prison inmate is like on death row and they get like a nice steak dinner, he's at least getting a couple of slices of bacon tonight.

**Mike** (2:15)
So some consolation for what happened.

**Myles** (2:21)
All right, guys, we are going to be talking about the next bull market and what the shape of it looks like. So I think that one of the, just to give some commentary around why we thought this episode was interesting to do right now is one, there have always been these kind of these one, actually, I guess just the four year cycle is actually playing out for all the doubt, including from yours truly. It looks like it's playing out exactly to the T, right? So there have been the, there's kind of a, if you've been around crypto for a number of years, there's kind of a reliable shape that these markets take, which is kind of the initial sell off, actually prices recover before sentiment, Bitcoin leads in spot, and then you kind of get this series of rotation that looks like the euthanasia coaster, and the crap pumps the hardest until it all just goes to put sideways four years later and rinse and repeat. And the question is, is it going to look different this time? And we're going to assess this across a whole bunch of different categories. So whether or not this potential bull market, like what is the timing look like, going to stay away from any specific price predictions. But last bull market in terms of pure peak to trough, or I guess trough to peak price appreciation was not super good. Should we expect more of that? Is it going to be dispersion or if beta are going to return to the market, like are we going to get this crazy all season casino that we've seen in the past, or is that just purely dead? So we want to give thoughts and kind of assess on, or opine a little bit on what that might look like. But just, I suppose, before we get into some of the specific categories, just curious to get your guys' perspectives and broad take, like how do you see this next year and a half or two playing out? First of all, has the bull market started again?
Or are we still a little ways out and there's still some sideways chopping pain before we get there? And what are your general, what are the drivers that are going to inform your opinions as we go through this pod?