Since 2022, I've been repeating that with each passing year (not even each cycle), Bitcoin's percentage gains become smaller than in previous cycles. That's only logical, because the asset keeps getting heavier. It's much harder to pump an asset with a 1 trillion market cap than a token with a 1 billion market cap. Only recently, after comments from CZ suggesting that Bitcoin doesn't have to experience the same 75–80% drawdowns as in previous cycles, have more people started to think about this possibility. Everything tends to scale proportionally: lower upside potential also means lower downside potential. Over time, Bitcoin's growth curve becomes more rounded, and sooner or later it may behave more like the S&P 500, where a 20% annual gain is considered a strong result. Looking at the MVRV Z-Score, we can see that the realized price is currently around $49,000–$50,000. Does that mean Bitcoin must revisit those levels? Not really. Could it happen? Absolutely. What's also interesting is that every cycle, the post-peak declines are occurring at progressively higher levels. That suggests the percentage drawdowns are becoming smaller over time. For now, we watch and observe. One thing I can repeat once again: don't rely too heavily on old cycles or Bitcoin's historical behavior from 2017 or even 2021. In fact, you can go back and review ideas I shared on the channel 2–3 years ago. The market is evolving, and Bitcoin is evolving with it. 📈🚀 $BTC