Bitwise CIO says the Bitcoin bottom question is the wrong one to ask (2 minute read) (opens in new tab)

Obsessing over where Bitcoin bottoms is a distraction from the structural forces actually driving the market. Institutional capital flows and improving regulatory clarity are the dominant variables that didn't exist in prior cycles. The traditional four-year halving cycle has lost its explanatory power. The forces behind previous boom-bust patterns are significantly weaker now relative to the slow-moving but durable institutional adoption underway.