$BTC rejection at $74k splitted the market. > Some analysts see echoes of past bear cycles. > In earlier downturns, Bitcoin printed a local high about five months after the ATH, then rolled over again. > Others believe the worst is behind us. > This cycle never broke the 200-week EMA, and steady ETF inflows are tightening available supply. > In other words, the structure can be interpreted two very different ways. > If price is driven by liquidity, which side of the market currently offers the bigger incentive?