Larry Fink, CEO of Black Rock talked about that today. The BTC ETF is the most successful ETF in history. But the ETF is a narrative. Narratives change rapdily. In 2023, the narrative was recession while markets rallied. Even Elon Musk was wrong. Nevertheless, the Bitcoin halving narrative (daily BTC issued gets cut in half) occurs in April. 😕That doesn't address the demand side of your question, but it does address the supply side. Many ETF issuers also can't promote their ETF until +90 days after initial issuance for regulatory reasons. So with 6 trillion in cash sidelined from the 2023/2024 recession, and a supply shock (halving) and demand surge (ETF) you get three new narratives to pump price from.
So for me, I'll rely on Technical Analysis indicators to bypass narrative hype. As price accelerates through the Optimism, Belief, Thrill and Euphoria stages of the Wall Street Cheat Sheet cycle, dips get shorter and shorter in time. The shorter the time the dips average, the greater the risk the top is near. Why? Because in the final parabolic stage, dips barely last more than a few days. Coupled with Super Bowl ads for crypto, Coinbase app being #1 in the app store, and multiple mainstream celebrity crypto endorsements the top will be near.
But that is for cycle traders (about 4 years according to the liquidity cycles). For those who hold BTC for 10-15 years +, they'll hold BTC into a whole new global financial reset when the USD loses it's default global reserve status