I'm beginning to expect a longer cycle, topping in Q1-Q2 2026.

Most people still think either the top is already in, or the top will be in November the latest.

I have the feeling that what we're experiencing right now will cause a major delay this cycle. It feels like a bear market within a bull market. I never imagined a sentiment like this in a 'bull market'. But the setup is still bullish on the higher timeframes, that makes no sense for it to be a real bear market.

Retail is not here yet, liquidity is not here at all. The retail cycle still needs to begin.

Last cycles at this time of the 4-year cycle the situation was completely different. Retail and liquidity was already there during this period of past cycles.

I'm not sure yet whether we will see the rest of the cycle play out faster (Imo odds of this to happen are small), if not I think we'll top in 2026 (higher odds for this to happen).