I don't believe human psychology changes. Emotions and behaviours repeat over time because humans are quite predictable over long time horizons. I think almost everyone is looking at this crypto market, and deep down knows we have not seen euphoria, even the bears are forcing an argument that basically says "this time is different, no euphoria". As long as we haven't seen a proper unanimous period of froth, greed and "new paradigm" in crypto, then I just don't believe we have had a cycle top. A market like crypto topping without wide spread euphoria would go against what is predictable about humans and markets. It's just more unlikely than likely. If everyone really feels this deep down, then all it takes to drag people back in who are sidelined would be momentum, because the cycle simply feels like we have unfinished business. I still believe Bitcoin is going through a very big transition period where ownership is being distributed from early adopters to new longer term investors. This can still take longer to play out, and only the patient will survive. We could even drop sub 100k briefly and go on to make a new ATH eoy/26. The short term path is not repeatedly predictable. BTC is a must own asset for where this world is going: Inevitable central banking printing to manage the debt burdens and avoid any growth slow down + hard, scarce assets being even more important in a post labour AI world. It is still more risky to not own Bitcoin. On a long enough time frame almost everyone will regret not accumulating more.