Bitcoin's latest bull cycle played out much like the ones before it—roughly the same timeframe, same energy. The price surge from 15k to 126k told a particular story about where money was flowing. Most of the liquidity didn't spread thin across the board; instead, it concentrated heavily into that core trade. Come 2023-2024, you saw it shift into meme coins hard, which basically defined altseason for that period. That's the whole picture.