Has anyone considered that COVID may have had a profound impact on this cycle?

I’m all for Bitcoin and strongly believed in the S2f model, but has anyone done any analysis or research of how COVID is affecting this run?

There was billions given out in Stimulus, people were running to safe haven assets. But as things start to recover and life return to normal, the play money stops, people are actually now working for money.

I read an article that said stocks were in general way overvalued due to retail investors throwing a lot of cash into the market post Covid crash

This is not a normal “situation” for a bull run. There was a major black swan event (COVID) that had certainly played a part in this cycle.

Thoughts?