Serious question.
Where are we in this cycle right now?
If you zoom out on Bitcoin, the structure still looks like a classic cycle playing out:
• Smart money accumulated in fear
• Retail woke up after the breakout
• Now we’re rotating between optimism and doubt
This doesn’t feel like the euphoric top yet.
It feels like mid-to-late expansion where volatility shakes weak hands before the real mania phase.
Funding isn’t extreme.
Retail isn’t fully here.
But narratives are building fast.
If history rhymes: We’re past accumulation
In expansion
Not at peak euphoria (yet)
Position accordingly. Manage risk. Stay sharp.