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The 4-year cycle of Bitcoin has been broken.
The year following the halving has always been one of the strongest. Not only did this one not close bullish, it closed in negative (-6%).
Yes, we had all-time highs along the way. But the closing performance does not resemble previous cycles at all.
For me, Bitcoin no longer follows any cycle comparable to the previous ones.
This means we cannot rely on cycles to determine whether 2026 will be a good or bad year. We need to analyze liquidity, macro factors, and on-chain data.