Bull Market or Bubble?

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Literally, big countries are about to go all in on crypto to hedge against fiat and consider BTC as a reserve currency. This was never the case before in history, as of my knowledge.

So, listening to some of the predictions, the bull run will be over someday next year, and the dollar gains value again? I think they will either need to back it or replace it with something that maintains value. So, this could be the longest bull ever, because the dollar is COLLAPSING in front of your eyes, and I don't believe fiat will gain value again out of thin air because we all want to see a bear market again.

But now let's think about the flip side. I was bullish on crypto again in the summer of '22; DOGE was bottoming out at $0.05 and LTC at $43. The sentiment was that we were definitely going even lower. People here were saying Bitcoin will go to $12k when it was bottoming out at $16k...

Diminishing returns: In the previous cycle, Bitcoin went from ~$3,600 to ~$70,000 - so less than a 20X return. In this cycle, we shouldn't expect it to do a 20X; we should probably expect it to do a 10X. So from ~$16,000 to around $150,000.

Of course, just because BTC only has 50% left to go, many altcoins will go up substantially more in terms of percentage gains towards the end of the cycle. But to me, it is crystal clear that we are towards the end stages of this bull market.