When reviewing Bitcoin’s recent movement, it occurred to me that there is a clear resemblance to the 2018 cycle, but in a calmer version. Back then, the decline began gradually, then came a final wave of capitulation that pushed out the last optimists, after which recovery began. Today I feel the same pattern is repeating, but with less volatility. In my view, the reason is the market’s maturity: there is more liquidity, and institutions have become part of the landscape, so the move is no longer as violent. Of course, this is only a historical reading and not a definite prediction, because any economic or regulatory variable could change the course entirely.