📌 CZ re-proposes the 'super cycle', the focus is no longer on the halving
The halving logic of Bitcoin, which occurs every four years, is indeed effective, but the market driving forces have changed.
🚀 The key point now is:
Halving → No longer the only narrative
Institutional funds = Participation far exceeds the past
The 'price driving force' comes from macro liquidity
USD/CNY credit cycle = The real metronome
Arthur Hayes puts it plainly: Monetary policy can determine the BTC trend more than the halving.
🔥 So what might the next cycle be?
It's not 'bull and bear every 4 years', but rather: a longer, slower, stronger adoption + liquidity super cycle
CZ's most important phrase: 'History doesn't repeat, but it rhymes.'
Rhyming = Long bull logic upgrade
Not replicating past scripts
⚡ Personal judgment:
Bitcoin may be emerging from the 'small cycle', entering a long-term upward trend driven by 'macro forces + infrastructure implementation';
Short-term volatility remains intense, but the underlying trend is more stable, deeper, and longer
It's not the disappearance of cycles, but a logic upgrade.
