#BitcoinPlungeNearsHistoricLows 1. The Death of the "Halving Cycle"?
Historically, the year after a halving (2025) was supposed to be the "parabolic year," and the following year (2026) the "bear year." However, the cycle was front-run by the ETF approvals in 2024.
The Shift: Bitcoin is no longer a niche asset governed by mining rewards alone; it’s a macro-asset tied to the Fed's dot plot and global liquidity (M2).
Institutional Floor: While retail is fearful, institutions like MicroStrategy are still buying (recently adding 2,486 BTC at ~$67,710).
2. The Production Cost Barrier
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