It takes a while for the price thing to click into place but here it is as I understand it:

- Bitcoin pumps are advertisement

- pumps happen because best monetary properties ever, but also:

1. Finite supply

2. Supply not responsive to demand

3. Self fulfilling

- halvings make Bitcoin scarcer

- price crash after a pump means that:

1. people can buy 4x more (now cheap)

2. whales who sold the top can buy 4x more

3. 10x more people are now interested in Bitcoin

And so on forever, no matter the price and cycle were talking about.

And not only that, but imagine that demand is very low in one bear market so:

- Bitcoin price drops 10-20% more?

- stays there 2 or 3 times longer?

Then what? Sooner it later t's back to business as usual, as per above.

The only way is up, baby.