Bitcoin's 20% pullback the last week, just did exactly what it was designed to do. Flushed the last of the "cycle is dead" crowd right back into the "4 year cycle is undefeated" crowd. Flip-flop. Every. Single. Time. But here's what nobody is saying — this wasn't even a bad capitulation. It was orderly. Systematic. Almost boring. Exactly like the upside has been. The bull market this cycle has been the mildest on record. So why would anyone expect a wicked 70-80%+ drawdown and an 18-month+ winter? Muted bull markets produce muted bear markets. Risk is symmetric. Most people can only see it pointing down, especially when price is moving against them. Bitcoin is down 50%+ over the last 9 months. The people expecting last cycle's carnage are copy-pasting old trauma onto a completely different setup. Same mistake the AI bubble callers made — took last cycle's valuations, applied them blindly to forward expectations, and called it a thesis. Nothing repeats exactly. Ever. Is the pullback done? Maybe. Maybe not. But we are obviously much closer to the end of this trend than the beginning. The math isn't complicated, it's just hard to see through the pain. Most investors can only find conviction after it's already too late. They just got flushed out again, right on cue. The contrarian who stays optimistically bullish while everyone else leaves — that's where the real money has always been made. It's supposed to feel wrong right now. That's the whole point.