I completely agree with your analysis but I would add the overall institutional investment situation.
Right now, no single investor has any dought Bitcoin is an asset to have in your portfolio. Maybe a very small part of it, but any professional investor has no dough of the potential of the crypto. This means a lot more money is ready to jump in when the market starts showing a clear uptrend, at least, a lot more than the money pushing the price up to $20K at the end of last year. Add to that new money all the small retail traders wanting to join when they feel FOMO and you have a big new rally.
I have the feeling whenever the market starts pushing up, we will experience a very strong uptrend in Bitcoin and that will push also the rest of the altcoins.
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