We are left with only the "red" option for the normal cycle.

In the fall of 2024, there were 3 main options for the normal cycle top structure.

1. The first top is higher (yellow)

2. A high single top (green)

3. A late cycle top (red).

Today, we can conclude that only the third option (red) is available. If this option fails, the cycles will collapse. This will put a lot of pressure on the power law and the miner baseline in the next crypto winter.

Total2 may not recover in this case, which will mark the end of the crypto era.