People love to say “every cycle feels different”.
This one actually is.
At this stage, the deviations are no longer debatable they’re structural.
Consider what has never happened before… until now:
First cycle to print an ATH before the halvingFirst cycle with no real expansion on the 2W Bollinger BandsFirst cycle with no 1M RSI expansionFirst cycle with no meaningful altcoin expansionFirst cycle ending with BTC dominance near 60%First cycle with no ATHs in TOTAL2, TOTAL3, or OTHERSFirst cycle to end with BTC/GOLD at cycle lowsFirst cycle where ATH occurred while ISM was in contraction
That’s not noise. That’s a pattern break.
So the real question becomes:
Is the cycle actually over… or did we just experience a mid-cycle top?
Why I Still Lean Toward a Mid-Cycle Top
Even after the recent liquidation cascade, my view hasn’t changed.
What we likely saw was:
A compressed expansionFollowed by a speed-run mini bearNot a full macro cycle completion
After the ~$60k low, the entire structure shifted. Short term? I’ll be honest the next few weeks are unclear.
But structurally, something stands out that I can’t ignore.
The Monthly RSI Tells a Rare Story
The 1M RSI has now tagged levels that historically marked:
2014 bear market bottom2018 bear market bottomVery close to the 2022 bottom
Here’s the key difference:
Those cycles fully expanded before collapsing.
This one didn’t. We never reached true HTF overbought conditions yet we’ve already retraced to bear-market RSI levels.
That implies this move was exceptionally deep relative to expansion, not the kind of action you expect at a final cycle high.
Expansion Determines Contraction
Markets obey symmetry. Assets tend to contract relative to how much they previously expanded.
Past bull markets expanded aggressively → 75–85% drawdowns followedThis cycle barely expanded → yet we’re already near a 50% macro drawdown
That math matters. A 75% drawdown requires excess. This cycle never had it.
Why This Still Looks Like 2019–2020
Despite the violence of the recent move, the structure continues to resemble:
Post-2019 mid-cycle resetLiquidity flush before continuationSentiment collapse without macro exhaustion
Emotionally, it feels like a bear market. Structurally, it doesn’t behave like one. This cycle must be analyzed through a different lens.
Old playbooks assume:
Full expansionFull euphoriaFull collapse
We didn’t get that. And markets don’t end cycles without first exhausting optimism.
The next few months will be uncomfortable, volatile, and confusing.
But I strongly believe one thing:
What comes next will not align with what the majority expects.
And that’s usually where opportunity is born.
#bitcoin #BTC #CryptoAnalysis $BTC