In the short term, Bitcoin will always trade in a manner the crowd least expects:
1. The $BTC price had never dipped below the all-time high (ATH) price of the previous cycle, but it did in 2022 when it dropped to ~$15.5K, whereas the ATH of the previous cycle was $20k. ✅
2. The price of $BTC had never surpassed its previous ATH price before the halving, but it did in March of this year when it advanced to ~$73K, higher than its previous ATH price of $69K. ✅
IMO, these two are also going to play out...
3. Most people expect altcoins to outperform $BTC in the bull part of the cycle. However, I see that as unlikely as crypto faces increased regulatory scrutiny following the FTX, Luna, etc. collapse. Also, $BTC is the only crypto asset that has an ETF.
4. Most people are expecting there to be another typical 4-year halving cycle, with the price topping out sometime in 2025. IMO, $BTC price may be 'up only' for the next several years. ETFs unlocked massive demand from passive buyers that create a constant bid for Bitcoin no matter what the price. For reference, gold's price increased for 7 years consecutively following the introduction of the gold ETF.
