How do Bitcoin cycles usually end?

1 answer on this page
Q:

How do Bitcoin cycles usually end?

Timeline
Loudly. Then quietly. Then brutally.
PHASE 1

Distribution - long-term holders sell into strength while headlines scream new records

PHASE 2

The blow-off - retail floods in, funding rates go vertical, taxi drivers give price targets

PHASE 3

The unwind - every prior cycle ended with a drawdown of 60-80% over 12-18 months

The catch: spot ETFs changed the buyer base this cycle - institutions may soften the crash, or simply make it slower. Nobody has data on that yet. Including us.
Pick A or B above - or ask your own question