Benjamin Cowen

@intocryptoverse

The reason this four year cycle top for Bitcoin "feels different" is because this is the first major top BTC has had during a late business cycle environment.

It explains why there was no alt season, why BTC has been bleeding to SPX, and why SPX has been bleeding to Gold.

We got a glimpse of this type of environment in 2019 but then the pandemic causes a crisis which reset the business cycle. It also happened during the middle of a four year cycle for BTC, rather than at the end of one.

This cycle has been more brutal because there has not <yet> been a crisis to allow the business cycle to end and for things to reset.

So the business cycle keeps on limping along while high risk assets continue to bleed out to lower risk assets.

And realistically we should not expect that trend to change until the business cycle ends.