think the left curve here is that btc went down because gold went up the frame here is that the price of btc represents the probability that it's a store of value in a given political environment so if it does not do that, then i) speculators necessarily have to shake out since they didn't believe the thesis to begin with, but ii) some believers convince themselves the conjecture must've been false to begin with after this correction, you onboard new capital which starts a new reflexive loop that skews the believer:speculator ratio this loop likely has to repeat many times until a more stable equilibrium is reached (which btw, is much easier to do when the mcap is smaller since there's less noise, so using historical reasoning is not a great idea) took gold only few thousand years