I think that bitcoin is on sale. Buyers are happy to buy bitcoin at a price 25% off it's high and seemingly lock in a 25% gain. If the past is any indication, the governments of the world have not vanquished inflation, which remains the enemy of citizens world wide, as it raises the price of food, clothing and shelter, but paradoxucally the friend of governments in debt, as it devalues their debt, making it smaller and easier to repay. Thus the interests of the governments and the citizens are ar=t odds, as citicens ask the government to both reduce inflation and payoff the debt which created inflation.