From $34,522 to $75,000: A Cross-Cycle Test of Bitcoin Faith
In November 2023, when Bitcoin was hovering around $34,522, an author wrote a profound reflection on halving, scarcity, and long-term holding. Sixteen months later, Bitcoin experienced intense volatility—from a new high of $73,000 to a "flash crash" near $75,000. This article re-examines the core logic that has persisted through cycles—stock-to-flow model, ETF channel effect, price anchoring game—and explores why the simple strategy of "holding Bitcoin" remains valid amid the perfect storm.
1. The Intersection of Prophecy and Reality
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