The traditional 4-year Bitcoin cycle narrative is breaking down. What we're seeing now looks different from previous market patterns. Rather than a prolonged bear phase, current pullbacks appear temporary—more of a consolidation before the next leg up. If this thesis holds, we could be looking at a parabolic run unfolding from here. The key difference: macro conditions and institutional adoption have shifted the game. Previous cycles were driven by pure sentiment; this time, structural factors seem to be supporting sustained upside. That doesn't mean smooth sailing, but the risk/reward setup for Bitcoin holders remains compelling.