Bitcoin doesn’t need 2021-style mania to keep this cycle alive.
The 365d PnL Index is curling up from a reset zone while price is still holding a higher macro structure. That usually means profit pressure has cooled and momentum can rebuild.
But this cycle may be slower and heavier.
ETFs, institutions, bigger market cap, and deeper liquidity can reduce the explosive upside, but also soften the next bear market.
For me, the key is simple:
If BTC keeps absorbing supply while realized cap rises, the cycle still has room.
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