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What if $BTC never gives us the “final dip”? Many traders are still waiting for the classic cycle pattern: halving → bull market → peak → deep correction → cheap accumulation. But Bitcoin’s market structure is changing. With each halving, new BTC supply becomes less significant. The bigger question is no longer how much miners sell, but who is accumulating the BTC already in circulation. Capital is also becoming more concentrated in Bitcoin, while many previous crypto narratives have faded.