There is a reasonable chance that they are correct and prices will fluctuate upward again. The differences today are at least three: 1) the Bitcoin market cap

There is a reasonable chance that they are correct and prices will fluctuate upward again. The differences today are at least three: 1) the Bitcoin market cap is already large, so it takes a lot more people to make it move upward. 2) Bitcoin is no longer a good proxy for the potential of crypto in general. Ethereum is now perhaps at least as important. There are oodles of other options, too. 3) Because of the large market-cap and bitcoin's maturity, the technical risk of the protocol from global government intervention is substantially larger than in, say 2017. This time, it might be different, and not in the good way.