Maybe, I personally don't care either way. Drawdown means more extractable sats per hour... so that's great, but it gets evened out with more sats being extracted on the expense side...

optimism

Yes from a much lower, more volatile market cap, without institutions or passive capital involved. Again, not saying it isn't going to happen but it is a lot less likely than previous cycles. Unless of course we get some massive exogenous effect like WW3.

I suppose if Bitcoin 23x off the bottom like it did last cycle to reach a new ATH we could have another 75% drawdown. But I don't think the top will be anywhere near a 23x. Less magnitude of moves in both ways makes the most sense.

bitcoin

Microstrategy will Bring Bitcoin Down? Or Merely Acting as a Channel?

spiderman

Yes from a much lower, more volatile market cap, without institutions or passive capital involved. Again, not saying it isn't going to happen but it is a lot less likely than previous cycles. Unless of course we get some massive exogenous effect like WW3. 

I suppose if Bitcoin 23x off the bottom like it did last cycle to reach a new ATH we could have another 75% drawdown. But I don't think the top will be anywhere near a 23x. Less magnitude of moves in both ways makes the most sense. 