How can it not? There was no good reason for Bitcoin to go from single digit $ to $1,000 in 2013 until China had something to say. There was no good reason for Bitcoin to go to $19,000 in 2017, until the S&P500 rallied to gain 20% yoy. And as you said, there was no good reason for crypto to rally in 2021 until a global pandemic happened (that’s not entirely true as BTC had nearly 3x from $3,000 to $9,000 eoy, but still)

Something consistently happens every 4 years to make this happen.

Sentiment in crypto in 2016 was abysmal. I think BTC went all the way down to $300 in the years since 2013. And in 2020, the sentiment was equally poor as BTC regularly scrapped as low as $3,000 in 2020, 2019, and 2018.

Two scenarios:

• economic strength creates more liquidity and increased risk appetite among investors, money moves the market
• economic hardship (worse than now) triggers mass loss of confidence in traditional markets, people move assets and investments, money moves the market

Either way, there will be a bull run, we just can’t say when.

All bull runs must come to an end at some stage; but hopefully in 2025 we can experience a good run fueled by elements of the “4 year cycle” and post-bitcoin halving, some economic stability that comes after the dust has settled from the US election, they’ll be stuck with their next president for 4 more years. And with any luck, people in the mid east and Eastern Europe can stop blowing each other up…