Is it mean reversion or the start of a new bull market?On today’s episode of “The Breakdown,” NLW looks at bitcoin’s impressive January rally and discusses what’s driving it. Specifically, he explores claims of market manipulation versus simple mean reversion. Finally, he looks at whether it is reflective of a broader macro shift as well. -Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26–28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.-“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Craig Hastings/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.