Because of the 1011 event, the final phase of the bull market was disrupted. The last cycle wasn’t a typical bull market, and this one isn’t a typical bear market either. People have been expecting $BTC to drop below $50K, but it hasn’t happened as anticipated. Every market cycle develops differently—whether it’s 2017/18, 2020/21, or now. • 2017/18 was driven by retail investors and ICOs, with a hot peak followed by an 80%+ drop. • 2020/21 was a post-crisis liquidity-driven bull market, followed by a credit collapse in 2022, making the bear market both deep and long. • This cycle features looser policies, global net liquidity still tight, and the 1011 deleveraging in the middle. The bull market hasn’t completed its frenzy, and the bear market hasn’t fully reached capitulation. Almost no one can accurately predict the trajectory of a new cycle. What people can do is ensure they’re present at the right time—that’s far more important than being precise.