yeah, that actually a good chart i have same things too. but the difference is
why the bitcoin price still not touch the upper level yet why it look like still in the middle but already go down.
The clue is in the legend to be fair; price didn't reach maximum bubble territory, which despite happening on previous occasions, isn't a guarantee. Apparently we just got to FOMO, not even bubble territory "sell", which out of all the things I'm not of fan of about this chart - particularly the upper band that should be more regressive and not parallel to the lower band - is probably about accurate imo.
Another chart that tries to make sense of this bear market in a positive way. There are a lot of this kind of chart on Twitter. It is probably to somehow relieve the pressure and fear or even panic of a lot of Bitcoin fans.
Think you explained it better than I did earlier, it's simply just a way to show that there are bear & bull markets, two ends of the same cycle. One thing I have noticed that I'm not convinced by is the idea that sub $30K is accumulation, but somehow sub $6K in 2018 wasn't accumulation, only around $4K. Kind of irrelevant maybe, but just an example of how the 2018 low apparently wasn't the lowest price for accumulation.