This is a bearish post.

What if ATH of this cycle has already been reached?

Over the past year, the market has seen numerous positives, yet the expected price reaction hasn't occurred.

- Trump embraced $BTC as a reserve asset, but the U.S. won't buy or sell it, only accumulate the seized ones
- The market is ignoring ultra-bullish events
- Bitcoin halved. The U.S. President turned pro-Bitcoin. Global accumulation is starting. Crypto policy is easing like never before. And yet, the Fear & Greed Index is at 25
- There’s liquidity, but it’s not flowing into alts
- ETFs are live, but demand is slowing
- No altcoin mania. No real blow-off top

What if the next stop is $40,000 per Bitcoin?

In short, I'm increasingly thinking that the shakedown continues. But I don't want to believe it. The fear is present, but not enough of it yet. Most still see the fall as a “discount.”

We believe good things, but the worst-case scenario has just become much more likely.

It's important to stay cautious and consider all possibilities in this volatile market. Keeping a close eye on the trends and being prepared for different scenarios is key. Let's continue to monitor the situation closely and make informed decisions.