I’m more and more convinced that Bitcoin never had a Bull market and that the Super cycle everyone expected did start. The twist being that it was a super bear to be followed by a super bull that hasn’t materialized yet.
Look, the ATH exists simply because of the halving and the price action looks way more defined by the cost to mine than euphoria. We appear to still be in the 2022 bear market which simply got pumped up to the post halving cost to mine.
On the bright side, once the accumulation phase of institutions finishes up, the price will rise. They are trying to shake out the current miners and holders. Killing leverage and miner competition. It explains the insane rise in hashrate they are price insensitive because it is an accumulation play taking advantage of lot tax benefits.
Look, the ATH exists simply because of the halving and the price action looks way more defined by the cost to mine than euphoria. We appear to still be in the 2022 bear market which simply got pumped up to the post halving cost to mine.
On the bright side, once the accumulation phase of institutions finishes up, the price will rise. They are trying to shake out the current miners and holders. Killing leverage and miner competition. It explains the insane rise in hashrate they are price insensitive because it is an accumulation play taking advantage of lot tax benefits.