Compared to the growth of previous cycles, the third half of the year for Bitcoin was behind.

If Bitcoin followed a similar trajectory to the previous two cycles, we would expect the value of one BTC to be between $100K and $300K.

But Bitcoin is far from this. Another cycle, another round of diminishing returns.

However, diminishing returns are not a curse. Bitcoin is big enough that this no longer matters.

So while we're unlikely to ever get close to the top end of the range, a rise to the bottom end of the range is very possible for the next cycle

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