Last cycle, $BTC started its recovery before any major good news hit the market.

Even before the ETF rumours and the big catalysts appeared, BTC had already recovered from the lows.

So it makes sense that we could see something similar this time around. The real question is what catalyst will drive it.

Right now, the narrative forming seems to be the clarity act. Timing an approval, or even predicting when it might happen, is difficult.

But if it does become the catalyst, it would likely mark the beginning of BTC’s first meaningful leg up after the first bear market recovery, with the approval itself setting BTC up for continuation into new ATHs shortly after (Like the ETF Approvals)

At least, that’s how I’m viewing things at the moment. Maybe a new narrative emerges, but if not, this might be the one that carries us forward.