If we only look at the US monetary cycle, November 2019 corresponds to November 2025, but that doesn’t mean the market will 100% replicate the trends of 2019. The current crypto market has three major differences compared to 2019: - BTC’s pricing power has shifted to the US stock market - Altcoins have decoupled from BTC and become polarized - On-chain long-term BTC holdings have reached a monopolistic level The US stock market is also very different from back in 2019, with the super narrative of AI in play. Q4 is expected to trend upward with volatility, which will also support BTC.