its basically like a domino rally. It builds up, gets unsustainable and then one domino falls. It takes loads out but then stops and people gingerly rebuild it again. Usually as time goes on the domino chain gets bigger.

Crypto has pulled everyone in by now, a large percentage of people know about and have skin in the game. There is nowhere to go now but down and personally the element of surprise has gone from this market. Everyone is TA experts, everyone thinks they know whats going to happen based off what happened in the past. Markets only survive and thrive when most people get it wrong. Down we go for a long time to the point where most people suspect that it wont ever happen again. It usually does in the end but this market is 100 percent speculative, ie anticipation is the driving force behind it.

Next bull market will suck ever more than this last one in that it will be front run well in advance and the plug pulled even sooner and quicker than before. This will continue for decades but by which point bitcoin may well be hundreds of thousands of dollars and eventually stable. While Altcoins are not even a thing just known as startups and like tradition finance VC because they are centralised and thus flawed by humans.

This is the sad truth that nobody wants to hear or take into consideration because it goes against all their hopes and beliefs.