I was thinking. This run has been pure speculation. Speculation that corporate/central bank/govt treasuries and institutions and money printing will fuel the “supercycle” and pump the price to $1m. Institutions (pensions, insurance, etc) are not buying.
Corporations/central banks/governments are not buying (microstrategy and El Salvador are still the outliers, no other big entities have followed so far). The money printing has not yet commenced. Everything over the past year was pure hype based on trump opening the regulatory flood gates and the money printing, resulting in tons of money pouring into bitcoin.
Now all the speculative money is being washed out. They took profits and are going to wait for the narrative to shift so they can speculate again at some point in the future.
The question is, are the big institutions still coming? Is the big print still coming? If yes to either or both then this current price dump will fuel a massive pump (perhaps approaching or even exceeding $1m?). Have we hit bottom yet? 🤷♂️. But I know that when we do hit bottom (which I believe will be significantly higher than the cycle low of $15k - I’m guessing somewhere in the $50k-$80k range), it will be short lived, and the next bull run will start quickly thereafter and will be epic. I’m hodling.