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The Fading Echo of the Four-Year Cycle

For years, Bitcoin’s market has been governed by a predictable four-year cycle, primarily driven by its programmed "halving" events. The 2024 halving set the stage for the current cycle's "fourth year" in 2026, which historical models suggest should be a year of correction.

Yet, a growing chorus of analysts suggests this cycle may be breaking down for the first time. Several key factors are at play:

· Diminishing Halving Impact: Each halving's effect is proportionally smaller.

· Maturing Market Structure: The market has become more stable, with record leverage liquidations and improved regulation reducing the chances of a major crisis.

· Declining Volatility: Bitcoin's volatility is trending lower, even falling below that of some major tech stocks.

· Expected Interest Rate Cuts: The macroeconomic backdrop differs from previous cycles, with analysts forecasting interest rate declines in 2026, which is typically supportive of risk assets.