No I think Bitcoin still has parabolic price discovery in store for 2026.

I think the bear markets up until this point have been driven by OGs dumping their bags onto retail. I think they started to do this in October which resulted in the 30% dump. As a net result institutions now have more bitcoin. I think institutions are using the widespread belief in these 4 year price cycles as a way to build even bigger positions.

As Saylor says, Bitcoin's killer app is digital credit. Institutions are going to be acquiring bitcoin capital & selling bitcoin backed credit. This is highly profitable in fiat terms & doesn't require bitcoin to be sold. The profit is in the balance sheet as unrealised (paper) gains but still hits the P&L.

Bitcoiners are currently selling their sats to intuitions & OG whales are currently relinquishing control of the price. It's not something I want or celebrate, it's just what I see happening. I don't want plebs selling more sats than they need to at a big discount.

🟢🟢🟢🟢 is still in play.