Bitcoin's Puzzling Pause: Why Is It Stuck At $90, 000?

Bitcoin has been stuck around $90, 000 for two months now. Traders are scratching their heads, trying to figure out where it will go next. Some think it might be repeating a pattern from 2022, but others aren't so sure. One analyst, Cryptollica, has a different take. They say Bitcoin's price moves are similar to Japan's Nikkei stock index from 1950 to 1990. Both seem to follow a four-cycle pattern, with a possible fifth, super-growth phase coming up. If this is true, Bitcoin might be at a point like the Nikkei in the mid-1980s, just before a big price surge. But not everyone agrees. Some critics say Bitcoin's recent drop below its 50-day moving average is a classic bear market sign. However, Cryptollica argues this might be a trick, not a top, and that this cycle is different from past ones.Another analyst, Garrett, says comparing today's Bitcoin market to 2022 is not fair. In 2022, Bitcoin was hit by high inflation, rising interest rates, and a risk-off environment. Today, things are more stable, with key support levels holding strong. One big change is who owns Bitcoin now. Before 2023, it was mostly retail investors using lots of leverage. But now, institutional investors are buying up Bitcoin through spot ETFs. This has made the market less volatile and more steady. So, is Bitcoin in a super cycle or just a slower expansion? It's hard to say. But one thing is clear: the conditions driving Bitcoin's price today are not the same as in the last major downturn.