Part 2/9:
The investigation begins with an analysis of historical price charts spanning several Bitcoin cycles. The discussion notes that although the recent cycle from 2020 to 2024 mirrors the earlier periods in some respects, it exhibits muted growth in scale and intensity. The participants point out that this year’s price behavior seems oddly subdued given the backdrop of institutional involvement through products like Bitcoin ETFs. Historically, each cycle has led to exponential price growth — yet current market conditions appear to suggest something different.