I just had a septoplasty recently,

Breathing has directly reached a new level.
If someone around you has sleep apnea,
It is really worth evaluating.

Returning to the market, there are currently two mainstream opinions:
Those who believe in the four-year cycle think that the bull market has ended.
Another faction believes that the four-year cycle has long since become ineffective.

After spending some time to calm down and think,
Perhaps the four-year halving cycle theory of $BTC ,
is heading towards invalidation.
The marginal effect is rapidly diminishing.

Inventory structure has changed:
The total amount of Bitcoin is 21 million, of which 19.78 million have been mined. Most of the circulation is already in the market, rather than in mining machines. The remaining new supply is just a drop in the bucket, having a negligible impact on the market.

The throwing pressure logic has changed:
The early halving was a physical "supply tightening," where miners sold less daily, naturally pushing prices up. The current halving resembles a habitual "ritual," whose function has degenerated from a liquidity event to a psychological marketing activity.

The pricing power has shifted: The price of Bitcoin is no longer determined by "how much miners sell every day," but is jointly decided by large holders, ETFs, sovereign-level funds, and global macro liquidity.

When the supply side is no longer important,
Does the "cycle" still exist?

What truly drives the market is,
Perhaps it is the global M2,
Interest rate trends and risk appetite for capital.