At this point in the cycle, it has performed below my expectations. With October almost upon us, I would have expected us to be in a real bull run, with prices higher and breaking records every few minutes.
As some have pointed out, bitcoin hasn't even reached 2x its previous ATH of 69k yet. If bitcoin still doesn't have a major breakout in the remaining 3 months and the bear season comes, then it's clearly going to be the most boring bull run ever.
To me, those who have not sold and believe that bitcoin still has much upside potential are those who are not satisfied with bitcoin's performance in this cycle.
Perhaps volatility has decreased and we no longer have parabolic rises like before, which logically would also have to lead to gentler declines.
But this would make bitcoin less attractive because most of us invest in bitcoin because of its volatility. Most of us choose bitcoin not because of its decentralization but because it is more volatile than gold, stocks and can bring higher returns.