$BTC bulls keep saying "zoom out." Problem is, the zoomed-out data is what should scare you.
Top multiples across cycles:
➤ 2013→2017: 15.9x
➤ 2017→2021: 3.5x
➤ 2021→2025: 1.8x
In recent cycles the upside has compressed massively, but volatility hasn't as we're getting less reward for the same risk.
At 1.8x, the max safe drawdown is ~45% before the previous ATH stops acting as structural support.
BTC already pulled back ~52% from $126K to $60K and that is past the limit.
Which is why $55K is the crucial line here.

it's been decade in crypto and we're at the turning point imo
Sector:
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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