The next cycle low, if arrives at similar time in cycle to last, will be around 70k. A 0% return over 4 years isn’t bad to lock in an asset that will guarantee over 100% return in the following 4 years. I think now is where the battle begins because it’s a fight between the time preference’s of savers or conservative investors and short term traders. For SPX like returns at the end of 10 years, you could buy bitcoin over 200k, today.

Traders push markets up, but so do long term minded people. Traders don’t want to buy tops, long term doesn’t care. Traders are holding back bitcoin right now, not the long term buyers.