Bitcoin is up 18% since we turned bullish on February 5, including a 5% increase yesterday. Does this recent surge mean we’re due for a correction?

“Massive run or no run, it doesn’t matter,” explains Keith McCullough in this clip from The Macro Show. “It matters if you think it matters. The process is the answer.”

Markets crash from oversold levels. Markets melt up when higher highs are in play.”

McCullough was bullish on Bitcoin when it hit all-time highs in late 2021, then went bearish for nearly two years. Now, he’s prepared to remain bullish until the signal tells him not to.

“You can be long a bubble and not have internal reactions – ‘Bubble means bad!’ No, it doesn’t, it means it’s going higher – If you have an exit process.”

The chart below is one of 160+ slides McCullough walked through with Macro Pro subscribers during this week’s Mid-Quarter Macro Themes Update. To upgrade your subscription and receive access, email

You Can Be Long a Bubble (If You Have an Exit Process) - thumbnail btc chart

You Can Be Long a Bubble (If You Have an Exit Process) - TMS Banner