The cryptocurrency market is transitioning from a four-year bull-bear cycle to a stock market-like structure.

Bitcoin's five bull market cycles and their gains:

1. First bull market cycle (October 5, 2009 - June 8, 2011) gain: 41,771 times, duration: 611 days.

2. Second bull market cycle (November 18, 2011 - November 29, 2013) gain: 621 times, duration: 742 days.

3. Third bull market cycle (January 14, 2015 - December 17, 2017) gain: 130.5 times, duration: 1068 days.

4. Fourth bull market cycle (December 15, 2018 - November 10, 2021) gain: 22.1 times, duration: 1089 days.

5. Fifth bull market cycle (November 7, 2022 - October 7, 2025) gain: 8.1 times, duration: 1125 days.

As Bitcoin assets and investors continue to mature, the peak price of Bitcoin keeps rising, and thus the gains of each bull market cycle are getting smaller, while the losses of each bear market cycle are also decreasing. The duration of bull markets is also getting longer, with bear market durations starting from the second cycle being basically over 1 year.

And the Bitcoin halving schedule:

The first Bitcoin halving occurred on November 28, 2012, reducing the mining reward from 50 Bitcoins per block to 25.

The second Bitcoin halving occurred on July 9, 2016, further reducing the block reward to 12.5.

The third Bitcoin halving occurred on May 11, 2020, reducing the reward to 6.25 per block.

The fourth Bitcoin halving occurred on April 20, 2024, reducing the reward to 3.125 per block.

As of today, Bitcoin has undergone four halvings, referred to in the industry as the halving cycle. In the past, almost every time before and after a Bitcoin halving, the price of Bitcoin would surge dramatically.

We can see that the impact of halving on Bitcoin is becoming smaller, and the four-year bull-bear cycle in the crypto space can still be used for this round, but it won't be so accurate for the next round. The cryptocurrency market is transitioning towards a stock market-like structure. $BTC $ETH #加密市场反弹