i’m treating this cycle on its own terms
previous major BTC bear markets took roughly a year to find their lows and drew down 75%+ from the top
this time, the deepest drawdown so far has been closer to 53%, followed by a much earlier recovery in price
the market structure has changed too, with new ways for institutions and retail to enter crypto and move onchain
memory mapping every move to 2018 or 2022 feels less useful when the setup itself has changed