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Bitcoin will range and then enter a permanent bear market

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Bitcoins base layer cannot compete with other chains that have better UX and since L2 is still in its infancy and technically blockchain agnostic eventually all development will end up on better chains. My guess is Ethereum and it will make new ATH after ATH for the foreseeable future while BTC just ranges.
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Sideways ranging at the top is Wyckoff distribution
tradingwyckoff.com/en/distribution/
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We should be thankful for the sacrifices bitcoiners have made.
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When the bullrun is over the CBDCs will take the stage. Probably only things like Ethereum will survive because its a smart contract platform and NOT a currency competing with CBDCs
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Ethereum can have wrapped CBDCs and they can be used in the the smart contracts. It can have wrapped BTC too, but then native ETH is just better since its money supply is fixed as well.

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