An analysis of the annual graph of #Bitcoin indicated that, although a new test of US$93,500 could still occur at the end of the year, a red candle in 2025 would jeopardize the four-year cycle theory. BTC has decreased by 6% so far this year, which could mean a bearish record after the halving.

This led some analysts to argue that the concept of BTC's price moving in four-year cycles no longer fit reality.