Right right. This cycle has already been strange. 2021 got cut short. Everyone thought $100k was a given—then China banned mining (again) and FTX imploded. Then 2024 matched ATH a year ahead of schedule.

So yeah, hard to make predictions. Nonetheless, my gut says there are too many headwinds to significantly break the old ATH top, until the election is behind us and the Fed lets off the brakes.

I’m not wedded to this position. Happy to update as new info becomes available.