🐋 WHALE WATCH : One year ago today, Bitcoin peaked at $126200. A year after the December 2017 top, it was down 82%. A year after November 2021 down 75%. Today its down 32% sitting at $85561. The low hit $57800 on July 1. We are already 48% above it. The old script would have Bitcoin at $23000 right now. Two cycles isnt a sample size so nobody can declare the four year cycle dead. But spot ETFs didnt exist in 2018 or 2022. Governments were not holding BTC . The market cap is an order of magnitude larger. Something absorbed this drawdown that wasnt there in prior cycles. My read: we dont go under $70K from here. Alts are a separate conversation.