I don’t disagree with you and almost added that to the post as well. But I still favor the China ban (and resultant 50% drop in hash rate) as the primary driver.

Of course, we’ll never know the answer. But it’s fun to speculate.

The upside is that I think—contrary to the 2020-21 bull market—most price predictions will actually be too low. People may not be bullish enough for what’s coming…