Recently, a noteworthy shift has emerged in the market—the once-revered Bitcoin "four-year cycle" theory is being questioned by an increasing number of institutional investors.

From Wall Street's traditional financial institutions to leading players in the crypto space, a new consensus is forming: the old step-by-step cyclical patterns may no longer apply. Michael Saylor of MicroStrategy has also joined this discussion, and his views represent those of a significant portion of market participants.

Simply put: the market environment has changed, and the strategies must change with it. Those still using old maps to discover new lands may need to reassess their approaches. Bitcoin is no longer the market dominated purely by retail investors and miners as it was a decade ago. The influx of institutional capital, the launch of ETFs, and the improvement of regulatory frameworks are all reshaping the market's operating logic.

The so-called halving rallies and bull-bear transitions—these time points that used to work like clockwork—now seem more like historical coincidences rather than inevitable patterns.