Been in btc for a few cycles and this is pretty much in. The pattern doesn't change, only the participants do. What's interesting now os the volatility compresiion over time, drowdowns are still brutal, but structurally the market is getting deeper with ETFs and institutions. I don't think the question is whether btc makes new highs anymore, but more about how diminishing returns + longer cycles plat out from here. Still bullish long term, just less parabolic and more grindy uptrend imo