Accumulation is where we are at until the Fed is finished playing bad cop. It's that simple. Any ATHs or lengthy bullish moves can be forgotten about until that time comes.
if it is that simple, then it is NOT digital gold, but what, then?
Its digital gold alright, but only those who look further out than the short-term can see that. In decades time everyone will see how digital gold it is.
These thing take time. I'm sure 10 years after the first person who decided gold was a thing. The other 99% of the global population didn't even know about it, yet alone the importantce of its value.
What's more, if the Fed is increasing the value of the dollar, which they are, the value of digital gold and real gold will go down. To expect otherwise makes no sense.