I see no reason to disagree on your reading of that chart. A friend of mine with whom I had a bit of a fallout last year over Bitcoin, crypto and blockchain technology told me when BTC went north of $10k in June that he thought it was a good time to get off the train. Me friend is a perma bear that sees no value in decentralization and therefore not in Bitcoin. People who think along the same lines and see the rally of spring 2019 as a fool's rally exist in sufficient numbers to prevent that rally from being but the beginning of the bull market.