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People love drawing vertical lines from one cycle to the next.
2013, 2017, 2021... and now 2025.
But Bitcoin has never topped because a calendar said so. It topped when liquidity stopped expanding, leverage became crowded, and marginal buyers ran out.
This cycle is fundamentally different. ETFs have created a steady source of demand, sovereign interest is growing, and corporate balance sheets are becoming part of the bid. That doesn't guarantee higher prices forever, but it does change how distribution can happen.
If October 2025 becomes the peak, it likely won't be because history repeated.
It will be because the market finally found enough sellers to absorb the strongest institutional demand Bitcoin has ever seen.
The date matters far less than the moment when demand can no longer overpower supply. That's where every bull market truly ends.
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