My hot take, which will either age like wine or milk, is that the cycle bottom is still not set. To be clear, that's not what most evidence favors. But, in the event of a convincing false low which has both achieved cycle bottom levels and reached bull market start thresholds, it would be hard to tell the difference. If Bitcoin blasts to 95k+, this take is going to look silly, but that's ok because I'd rather share my real thoughts. There's always every excuse under the sun to say the cycle is broken or changed. (ETFs, institutions, fixed supply, etc.) But so far the cycle has remained on track despite all of these things. Why would it suddenly break now? And no, the June low does not complete the cycle; it strictly needs to be in Nov - Jan. So my full invalidation point is just after this time frame. This allows at least the top two moving averages here to see a retest (44 - 50k). Other possibilities are an equal or higher low to 58k that still offer good buying prices. So if Nov - Jan is passing and Bitcoin is racing higher, then I will call a firm cycle change and go from there.