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Bitcoin has broken its 14 year 4 year cycle.
For the first time in history & the post halving year closed red.
Past patterns, halving year green → next year stronger → cycle top → bear market no longer hold.
Why? Bitcoin is evolving.
Today, its price is driven less by supply shocks & retail hype, more by:
• Liquidity conditions
• Interest rates
• Institutional flows
• Broader macro cycles
Halving still matters but its effect is smaller than before. Instead of a 4 year rhythm, Bitcoin may now follow a liquidity driven cycle.
The cycle isn’t dead, it’s maturing.