Fifty years. Same movie. Different ticker.

#Gold in the late 70s. #Japan in the 80s. Asia in the 90s. The Internet in 2000. Housing in 2006. China in 2008. #Biotech in 2015. #ARKK #Bitcoin

XAU
XAUUSDT
5,109.45
+2.21%
BTC
BTCUSDT
67,766.2
+0.59%

and now the Magnificent 7.

Every cycle has a story that feels different. Revolutionary. Structural. This time is smarter. This time is permanent.

Price goes vertical. Narratives get louder. Risk management gets quieter.

Then gravity shows up.

The takeaway is not that innovation is fake. It is that parabolic moves rarely sustain without resets. Excess always gets wrung out.

Bubbles are not about bad assets. They are about stretched expectations and crowded positioning.

If you trade long enough, you stop asking “Is this different?”

You start asking, “Where are we in the cycle?”