The reason the rally in this cycle is being delayed is that the accumulation of $BTC by new whales has not yet ended. The accumulation by old whales was completed when $BTC reached 105k. However, new whales have continued to accumulate until now. They continued buying when $BTC was 60k, 90k, and 120k. They are continuing to buy even now, despite the decline. The explosive rise of $BTC will only begin once their accumulation is complete. And the important point is that 90k and 120k are ultimately just passing points.
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