$BTC

Bitcoin (BTC) has changed a lot in four years, distancing itself from shady centralized entities like FTX and emerging as the plat du jour among institutional investors. However, this month’s drive back into six-figures amid cooling tariff tensions is presenting a number of warning signs that appear eerily similar to the 2021 cycle high.

In 2021, bitcoin made an historic record high in April of $65,000, coinciding with a flurry of activity from Michael Saylor’s (then-named) MicroStrategy and the IPO of Coinbase (COIN). The excitement was capitalized on by shrewd traders, who shorted the big news and rode BTC down to an eventual bottom at $28,000 just two months later.