The S&P 500 recovery back to a new all-time high is typical of bull markets, and we continue to track the soft-landing analogs of 1994, 2016, and 1966. I guess I should call this the “Seven & Seven” market: a 7th inning cyclical bull within a 7th inning secular bull.
The following are the trends of the MVRV indicator after the BTC halving in 2012, 2016, 2020, and 2024. Obviously, the main increase in the entire bull market occurred after the halving If you feel confused, just look at this chart, you just need to believe in the power of cycles。