Another key difference is, IMO, crypto has reached peak saturation. During the previous run ups, we didn't have institutional investors buying billions of Bitc

Another key difference is, IMO, crypto has reached peak saturation. During the previous run ups, we didn't have institutional investors buying billions of Bitcoin, we didn't have public companies (TSLA) buying a billion dollars of BTC for fun, we didn't have sports stadiums with the name "crypto.com", or ads on TV. BTC achieved mass adoption during 2020/2021/2022. It's available in 401k funds, derivatives on the stock market, etc. The only catalyst I can think of that could truly catapult BTC back to the heights of 2020/2021 is if we get to a point at some point in the future where BTC is actually useful for something other than asset speculation and people trying to get rich quick. This could take years.