There will likely be a bear market in Bitcoin and a floor of ONLY $20k as we approach the next halving. It's strange that something that was an ATH a few years ago becomes a floor where the media expresses insane amounts of negative press towards bitcoin. I saw it at the approach to the last halving at around $3k, there was accumulation and then another tear a few months after the halving occurs.
It's the same market cycle over and over again but with prices 10x what they were before.
Whether or not its a ponzi scheme, big institution manipulation or an effect of the scarcity remains to be seen.