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$BTC Dominance
When you zoom out on BTC.D and compare the current sentiment and price action with previous cycle, the similarities become very clear.
In late 2019, Bitcoin spent months grinding lower at a slow pace together with BTC dominance. That environment eventually led to a final spike in BTC.D, which marked the transition into the #Altseason and market top.
A similar scenario is possible with the current market structure.
The key condition for this to play out is Bitcoin reclaiming the 101k level (weekly FVG I mentioned earlier today). A reclaim of that level would challenge the traditional four year cycle theory and provide further evidence that Bitcoin is increasingly behaving in line with the broader business cycle.
2026 is going to be very interesting :)