Start of the bull cycle a new model comes out from "experts" who haven't been here for long.
Power Law Model promoting a top of $230,000 is exactly at the point where my research shows retail will capitulate / sell trying to find a top that fuels a rebuy mania.
There is no "Power Law" in Bitcoin, the slowed "diminishing returns" is due to the fact BTC has had cycles not plugged into the entire economy. Only retail could enter the markets previously with venture capital at the most (this is barely any capital).
An asset that has most likely 10,000,000 coins lost a 21,000,000 cap, a realised market cap of under 300B *when you adjust the lost / HODL amount*. Now a 50+ trillion bond market leaking due to inflation + a 70+ trillion US equity market.
The Spot ETF inflows are mainly from smaller funds and light retail, larger institutions balances are being approved to allocate as I post this.
Power Law? you don't start it when the history of Bitcoin is based on a P2P market, you start the Law when its now plugged into the global economy since 2024.
Where you "start" the power law matters