This Bitcoin bull market isn't late, it's arrived too quietly. The last round was ignited by narratives; this round is sustained by market liquidity. Narratives feed retail investors; liquidity feeds institutional investors. You think it's waiting for interest rate cuts, but it's waiting for one thing: how much leverage hasn't been cleared yet. If you wait correctly, it's a slow and steady bull market; if you wait incorrectly, you're left holding the bag.