{"id":25747,"date":"2025-11-06T13:30:27","date_gmt":"2025-11-06T13:30:27","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=25747"},"modified":"2025-11-06T12:40:07","modified_gmt":"2025-11-06T12:40:07","slug":"bullrun-crypto-pas-encore-commence","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/bullrun-crypto-pas-encore-commence\/","title":{"rendered":"Le bullrun n\u2019a m\u00eame pas encore commenc\u00e9 selon cet analyste"},"content":{"rendered":"<p>Le narratif dominant, ces derni\u00e8res semaines, ressemblait \u00e0 un vieux disque. <strong>Rebond technique, puis trou d&rsquo;air<\/strong>, puis rumeurs qui s&#8217;empilent. Dans ce brouhaha, <strong>Samson Mow<\/strong> a remis une pi\u00e8ce dans la machine avec un message simple et \u00e0 contre-courant: pour lui, le vrai bullrun de Bitcoin n&rsquo;a pas d\u00e9marr\u00e9.<\/p>\n<p>Le prix a boug\u00e9, <strong>l&rsquo;euphorie<\/strong> a fait des allers-retours, mais le moteur principal n&rsquo;a pas encore pris ses tours. Ce type de d\u00e9claration agace certains parce qu&rsquo;elle bouscule les certitudes construites au jour le jour. Elle m\u00e9rite pourtant d&rsquo;\u00eatre regard\u00e9e de pr\u00e8s.<\/p>\n<h2>Le message brut de Mow<\/h2>\n<p>Au c\u0153ur de sa th\u00e8se, une id\u00e9e presque aust\u00e8re. Aux <strong>niveaux actuels<\/strong>, Bitcoin ne ferait que devancer l&rsquo;inflation de peu. Autrement dit, la hausse observ\u00e9e n&rsquo;aurait pas les caract\u00e9ristiques d&rsquo;un cycle haussier mature qui s&rsquo;auto-alimente par l&rsquo;adoption marginale et par l&rsquo;appel d&rsquo;air institutionnel.<\/p>\n<p>C&rsquo;est un appel \u00e0 ne pas confondre soulagement de court terme et <strong>impulsion de fond<\/strong>. C&rsquo;est aussi un rappel que le prix seul raconte une histoire incompl\u00e8te quand l&rsquo;\u00e9conomie globale resserre ses boulons. On peut \u00eatre en d\u00e9saccord, mais le propos a le m\u00e9rite d&rsquo;\u00eatre net.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">REMINDER: The <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#Bitcoin<\/a> bull run hasn\u2019t started yet. We\u2019re just marginally outperforming inflation at this price range.<\/p>\n<p>&mdash; Samson Mow (@Excellion) <a href=\"https:\/\/twitter.com\/Excellion\/status\/1976382567025906071?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">October 9, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Il s&rsquo;adresse \u00e0 ceux qui vivent au rythme du chandeliers de quinze minutes et s&rsquo;\u00e9puisent \u00e0 r\u00e9\u00e9crire leur sc\u00e9nario \u00e0 chaque m\u00e8che. <strong><a class=\"general-link\" href=\"https:\/\/btcprague.com\/speakers\/samson-mow\/#\" target=\"_blank\" rel=\"noopener nofollow\">Mow<\/a> sugg\u00e8re un autre tempo<\/strong>. Celui qui regarde la respiration longue du r\u00e9seau, le comportement des mains patientes et la capacit\u00e9 de l&rsquo;\u00e9cosyst\u00e8me \u00e0 absorber des chocs macro sans perdre sa trajectoire.<\/p>\n<h2>Pourquoi cette lecture r\u00e9sonne maintenant<\/h2>\n<p>Le march\u00e9 sort de semaines heurt\u00e9es, o\u00f9 l&rsquo;on a vu de gros flux sortir des v\u00e9hicules cot\u00e9s, des replis en cha\u00eene sur les altcoins, et des arbitrages d\u00e9fensifs qui ont accentu\u00e9 chaque mauvaise nouvelle. Dans ce contexte, <strong>l&rsquo;instinct pousse \u00e0 r\u00e9duire l&rsquo;ambition<\/strong> et \u00e0 enfermer Bitcoin dans une grille purement tactique.<\/p>\n<p>C&rsquo;est pr\u00e9cis\u00e9ment l\u00e0 que Mow recentre le d\u00e9bat. Si l&rsquo;on accepte l&rsquo;id\u00e9e que la phase pleinement haussi\u00e8re reste devant, alors <strong>les \u00e9pisodes de faiblesse<\/strong> ne constituent pas une preuve contre la th\u00e8se. Ils en sont la condition.<\/p>\n<p>Ils nettoient la levier, refroidissent l&rsquo;exc\u00e8s d&rsquo;optimisme, renforcent les poches d&rsquo;accumulation silencieuse. Beaucoup redoutent encore un d\u00e9ferlement des vieux portefeuilles. La crainte est rationnelle sur le papier, elle l&rsquo;est moins dans les faits si l&rsquo;on regarde <strong>la cadence r\u00e9elle de distribution<\/strong>.<\/p>\n<p>C&rsquo;est toute l&rsquo;ambigu\u00eft\u00e9 du moment. Les r\u00e9cits de vente massives font du bruit, mais les donn\u00e9es les d\u00e9mentent souvent. Faut-il alors s&rsquo;accrocher \u00e0 la peur que l&rsquo;on fabrique soi-m\u00eame?<\/p>\n<p>Ou regarder la structure du march\u00e9 telle qu&rsquo;elle est, plus r\u00e9siliente qu&rsquo;elle n&rsquo;en a l&rsquo;air?<\/p>\n<h2>Cycles, 2026 et l&rsquo;ombre port\u00e9e du \u00ab\u00a0God Candle\u00a0\u00bb<\/h2>\n<p>Le d\u00e9bat sur les cycles revient en boucle. Certains veulent y lire une m\u00e9canique presque calendaire, avec un <strong>sommet en 2026<\/strong>. D&rsquo;autres, dont Mow, entretiennent l&rsquo;id\u00e9e que Bitcoin peut casser le moule.<\/p>\n<p>La v\u00e9rit\u00e9 se loge probablement entre les deux. Les cycles existent parce que la liquidit\u00e9 globale vit elle-m\u00eame en cycles, mais l&rsquo;actif a prouv\u00e9 qu&rsquo;il pouvait surprendre. Dans ce cadre, la m\u00e9taphore du <strong>\u00ab\u00a0God Candle\u00a0\u00bb<\/strong>, cette bougie verticale qui cloue le bec aux sceptiques, vaut surtout comme image d&rsquo;un d\u00e9s\u00e9quilibre soudain entre offre rare et demande r\u00e9veill\u00e9e.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I told you the God Candle was coming. <\/p>\n<p>I\u2019m telling you again that the Omega  Candle is coming, along with $1.0M <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#Bitcoin<\/a>.<\/p>\n<p>&mdash; Samson Mow (@Excellion) <a href=\"https:\/\/twitter.com\/Excellion\/status\/1856131356990025809?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">November 12, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ce point est crucial. Tant que la plupart surveillent l&rsquo;\u00e9ni\u00e8me r\u00e9sistance intraday, ceux qui planifient sur plusieurs ann\u00e9es regardent la m\u00eame sc\u00e8ne sous un autre angle. Ils \u00e9valuent <strong>l&rsquo;\u00e9lasticit\u00e9 de l&rsquo;offre<\/strong>, la migration de la demande vers des rails plus institutionnels et la progression lente des cas d&rsquo;usage mon\u00e9taires.<\/p>\n<p>Le r\u00e9cit d&rsquo;une bougie ne vaut pas pr\u00e9diction. Il pose une question utile: le carburant d&rsquo;un mouvement vertical est-il en train de se constituer en silence?<\/p>\n<h2>Comment s&rsquo;en servir sans s&rsquo;\u00e9garer<\/h2>\n<p>Tout le monde n&rsquo;a pas vocation \u00e0 \u00ab\u00a0stacker\u00a0\u00bb sans regarder. Il y a une <strong>discipline \u00e0 tenir<\/strong> pour que la conviction ne se transforme pas en pr\u00e9texte \u00e0 l&rsquo;aveuglement.<\/p>\n<p>Si vous jouez des amplitudes de court terme, la th\u00e8se de Mow vous \u00e9vitera peut-\u00eatre de surestimer une accalmie. Si vous construisez une position de long terme, elle vous prot\u00e9gera des <strong>conclusions h\u00e2tives<\/strong> tir\u00e9es d&rsquo;un mois rouge.<\/p>\n<p>La vision d\u00e9fendue par Mow n&rsquo;est ni une promesse ni un slogan. C&rsquo;est un <strong>rappel \u00e0 l&rsquo;ordre<\/strong>.<\/p>\n<p>Tant que la partie n&rsquo;a pas commenc\u00e9, les faux d\u00e9parts ne sont que cela. Ils fatiguent les joueurs press\u00e9s. Ils laissent aux patients la possibilit\u00e9 de se placer mieux.<\/p>\n<p>Et quand la partie s&rsquo;ouvrira vraiment, elle ne pr\u00e9viendra pas longtemps. Alors, vaut-il mieux courir apr\u00e8s la prochaine bougie, ou <strong>organiser son plan<\/strong> pour ne pas la rater quand elle arrive?<\/p>\n<p>L&rsquo;IA est d\u00e9j\u00e0 utile en crypto et certains projets s&rsquo;appuient dessus. <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/fr\/visit\/subbd\" target=\"_blank\" rel=\"noopener nofollow sponsored\">SUBBD<\/a> est <strong>une plateforme cr\u00e9ateurs dop\u00e9e \u00e0 l\u2019IA<\/strong> o\u00f9 le jeton alimente les paiements, l&rsquo;acc\u00e8s \u00e0 du contenu exclusif et des avantages r\u00e9serv\u00e9s aux d\u00e9tenteurs.<\/p>\n<a href=\"https:\/\/99bitcoins.com\/fr\/visit\/subbd\" class=\"sc-button sc-button-green sc-button-medium\" target=\"_blank\"  rel=\"nofollow sponsored\"><span>Visiter SUBBD<\/span><\/a>\n<p style=\"text-align: center\"><em>Les crypto-actifs repr\u00e9sentent un investissement risqu\u00e9.<\/em><\/p>\n<hr>\n<p><strong>Sur le m\u00eame sujet :<\/strong><\/p>\n<ul>\n<li>Fin du bullrun ? Pourquoi vous ne devez pas paniquer<\/li>\n<li>Pourquoi ce bullrun vous parait si compliqu\u00e9, et comment \u00eatre s\u00fbr de le r\u00e9ussir ?<\/li>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/actu\/wall-street-se-rue-sur-crypto-5-9-milliards-une-semaine\/\">Wall Street se rue sur la crypto, 5,9 milliards $ en une semaine<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Le narratif dominant, ces derni\u00e8res semaines, ressemblait \u00e0 un vieux disque. Rebond technique, puis trou d&rsquo;air, puis rumeurs qui s&#8217;empilent. Dans ce brouhaha, Samson Mow a remis une pi\u00e8ce dans la machine avec un message simple et \u00e0 contre-courant: pour lui, le vrai bullrun de Bitcoin n&rsquo;a pas d\u00e9marr\u00e9. Le prix a boug\u00e9, l&rsquo;euphorie a..<\/p>\n","protected":false},"author":135978,"featured_media":25763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[113,6],"tags":[12],"coin":[15],"class_list":["post-25747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu-pr","category-actu","tag-prevente"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Le bullrun n\u2019a m\u00eame pas encore commenc\u00e9 selon cet analyste<\/title>\n<meta name=\"description\" content=\"Un analyste crypto estime que le v\u00e9ritable bullrun n\u2019a pas encore commenc\u00e9 et que le march\u00e9 reste loin de son pic d\u2019euphorie.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Pelletier","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/619e41ea263b14379ed26acd8625eb311d3bfa4305a6b2b05fb2ad7937b9e869?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/619e41ea263b14379ed26acd8625eb311d3bfa4305a6b2b05fb2ad7937b9e869?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/619e41ea263b14379ed26acd8625eb311d3bfa4305a6b2b05fb2ad7937b9e869?s=96&d=mm&r=g","caption":"Martin Pelletier"},"description":"Journaliste et analyste sp\u00e9cialis\u00e9 dans les crypto-monnaies et la blockchain, Martin Pelletier explore les dynamiques du Web3 et des nouvelles technologies financi\u00e8res depuis 2019. 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