For Bitcoin's price to rise significantly, a strong and widely accepted 'new narrative' is indeed required; this has almost been a historical rule for the past 15 years.

1️⃣ Bitcoin itself has no intrinsic cash flow, purely priced based on 'story' and 'consensus'.

It is not like company stocks have EPS, nor like bonds have interest, nor like real estate has rent. The real value comes from the market's 'cognitive consensus' and 'monetary premium' on it. When the old story has been digested and everyone feels 'already knows, nothing new', FOMO is hard to trigger again, and prices tend to enter consolidation or fall to find a bottom.

2️⃣ Historically, every major bull market has been driven by new narrative switches.

- 2013: First seen as 'digital currency / payment revolution'.

- 2017: ICO + 'Blockchain changes the world'.

- 2020-2021: Pandemic money printing + 'Digital gold / Inflation hedge' + Institutional entry.

- 2024: Spot ETF + Expectations of 'U.S. strategic reserve assets'.

Every major surge is when old narratives become outdated and new stories emerge → Attracting new funds → Leveraged amplification → Price skyrockets.

3️⃣ After 2025, the 'digital gold' narrative is obviously weakening.

- When a real crisis comes, funds flee to physical gold and silver, not BTC.

- BTC's volatility is still more than three times that of gold, more like a high Beta tech risk asset.

- After institutions bought ETFs, many became 'long-term holdings' rather than continuously pushing FOMO higher.

Old stories fail → No new stories to carry on → Prices struggle to continuously break past highs, and may even consolidate or retrace at high levels.

4️⃣ What is the 'new narrative' that the market truly needs?

- Policy institutionalization aspect: The U.S. comprehensive digital asset market structure bill passed, more countries include BTC in reserves, South Korea/Europe fully lifting restrictions.

- Macroeconomic aspect: The Federal Reserve clearly turns dovish + Large-scale liquidity release.

- Technical aspect: Bitcoin must have a Layer 2 or new protocol that can be used at scale.

- Cultural new generation aspect: Young people see BTC as a 'symbol of rebellion against traditional finance' or deeply tied to new AI technology.

👉🏻 As long as one or more of these are strongly believed by the market and form a consensus, the price can easily be violently reassessed.

The rise of Bitcoin is not because it 'has become more useful', but because more and more people suddenly believe 'it should be more expensive'—and this 'sudden belief' usually requires a new, sufficiently sexy story to ignite it.

What direction do you think is most likely to become the next big narrative?

#BTC #FOMOStory