A parabolic blow off tops is less likely this cycle for BTC.

This is just my opinion and I realize I might be wrong so don't bite my head off :)

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Prior to CME futures and all the 120x leverage casinos (Pre 2017 top) with the exception of bitmex, The market was much smaller, And we used to spot buy BTC and HODL, Enough people do that + Halvening + fomo builds up and we get into a parabolic phase (despite Bitmex dominance) everyone is fomo buying and very few are selling because "moon", Then whales step in an unload their bags, Dump and we enter a so called bear market.

Today, derivatives are more prevalent and more and more people started speculating with insane leverage to make it all back in one trade and looking for home runs. Chad money is also entering the market looking for fat gains. Which changes the dynamics of the game.

supply shock dynamics play out just as before but just when it's on the verge of going parabolic and entering the mania phase, over leveraged casino apes start to add more and more leverage because "100k in 2 days for sure" and whales with super deep pockets see this and take the other side of the trade driving the price lower to liquidate them.

Which affects the spot markets too, Whales would hedge their bags with perps taking massive short position (delta neutral), Move coins to spot exchanges and dump them driving the price lower and let the short ride (net short), Baby whales would dump their spot bags too. Degenerate leverage traders would pile in and go 100x too because "muh TA", and finally people with very little conviction (paper hands) would see the price drop and join the party panic selling either to cut losses or to book whatever little profit they made (before bear market because apparently every pull back is one that would start the bear market) exacerbating the pull back/dump. Basically what happened just after the recent ATH breakout and the prior 65k top.

I guess the TLDR would be:
From here on out, Bitcoin will continue to set new ATH's and climb higher but it will not be the price action that we are used to (No parabolic mania phases or short lived ones). Just stair stepping up with occasional pull backs that liquidate degenerate gamblers. bumpy ride with lots of drama and the only real winners would be diamond hands hodlers and the Michael Saylors of the world.