I am in the camp of pivoting away from a “hard landing” and towards “no landing” AND more inflation. Liquidity can trump valuations for longer than you expect. In the US, the liquidity supports the historically high valuations. Like Lyn and Sam's recent report states, this increased flow of liquidity is highly correlated to a rising Bitcoin price. 

https://www.lynalden.com/bitcoin-a-global-liquidity-barometer/