$BTC at $64,209 right now.

4 years ago? $20,712. Scale that trajectory to today = $102,474.

8 years ago? $6,718. Scale that = $601,490.

We're underperforming historical cycles. Either we're early in the next leg, or the 4-year supercycle thesis is broken.

Watch liquidity. If macro doesn't flip bullish, we chop here for months.