Yes we will see closer to 20K before the real bull run in my opinion. Institions do not lose money. If BTC keeps going straight retail wins; retail never wins. They will allow it to run until retail exhaustion then use some BS news event to start dumping and grinding for 6 months to hurt retail. Then the will accumulate but now low enough to allow retail with buy orders in the 10-12K range to get in. Hype of the ETF's, BTC layer 2, and the halving have pushed BTC probably higher than expected but they will still go back and pick up the liquidity left behind in the 35K,28K,25K and probably even the 18-20K on a wick. NFA just my thoughts since the institions are now in control.

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