Looks like we are now at the end of the road for bitcoin appreciation. Now fully capitalised and valuations will probably hover between 20k and 60k from here on in.

The price has now dipped well below the last market peak from the 4 year cycle instead of staying above it as in previous cycles and the logarithmic long term trend has now levelled off, so stock-to-flow worked for a while but we've even departed form that = projections on the future based on hopium of the past