Liquidity is the major difference between then & now.
Everyone non bitcoiner I talk to is struggling financially.
The fact that we're so close to an ATH a few months after the halving just shows how stifled the 2021 high was.
I think Germany was pressured by the ECB to dump their sats. They've run out & now price is recovering.
Globsl liquidity is increasing again, it's only a matter of time now.