$BTC doesn’t really look like a new cycle to me.

Structurally, this still feels like post-distribution behavior — not a clean reset.

We topped → moved into range → lost momentum.

Now price action is starting to show redistribution traits again.

In every cycle, there’s that phase where people call the bottom too early and misread continuation risk.

Could price hold here? Possibly.

But historically, markets don’t fully reset this quickly after a major distribution phase.

What it looks like instead:

relief → choppy range → potential continuation

Not a fresh cycle, just an ongoing structural transition.

Call it what you want — but the market structure hasn’t reset yet.