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taishiro
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There is another detail worth considering: altcoins are still struggling significantly against BTC, with the median of 100 altcoins down 16% over the past year. That tells us capital rotation remains heavily tilted towards Bitcoin.
I'm not convinced history will repeat itself tick for tick, but dismissing the mid-cycle correction thesis simply because the drawdown has lasted nine months is premature.
taishiro
Nine months of downside has clearly tested conviction, particularly among altcoin holders. But the historical comparison here deserves a closer look.
In both 2016 and 2020, Bitcoin went through substantial mid-cycle corrections before resuming its broader advance. The current chart draws a similar parallel, with macro ratios suggesting that the market may be going through another period of relative weakness rather than necessarily entering a prolonged bear market.
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