The bull run didn’t reach the theoretical ~$200k target, but the timing of the cycle peak was not far from where it was expected to occur.As I’ve said before, we still need more data. That said, a plausible interpretation so far is that the 4-year cycle remains structurally intact, but this time the bull run was suppressed.If the bear market lasts as long as in previous cycles, we would expect it to bottom out around October this year at around 70K.So are we expecting side movement for the next few months?

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