The patter of the new rally starting from the point of previous ATH is not going to last for long, because that would mean exponential growth over the years. This cycle can easily be the last of it's kind, and the swings of next cycles can become much lower. I just don't see Bitcoin going to six figures in the coming years - there's no fundamentals for that, people are not going to massively switch from banks to Bitcoin, a global economic crisis won't make people massively buy Bitcoin either.
i never bought into the idea that bitcoin would benefit from an economic crisis. probably just the opposite.
but i don't think bitcoin needs that---or for people to abandon banks---for exponential adoption to continue. i think the store-of-value/investment use case coupled with bitcoin's network liquidity might be all that's required.
think about middle class 401k and pension fund investors, physical gold bugs, institutional trade desks, and so on.
even JP morgan believes bitcoin "could join gold as a reliable, long-term way to store wealth" and become "a more traditional asset class". maybe that's a longshot, but if it truly comes to resemble a gold-like asset, we could even see governments hold reserves.
if you consider the extreme scarcity of bitcoins (most of the supply has already been mined and much of it probably lost), i'd be really surprised if this past bubble was the last.
