Odaily Planet Daily reports: Over the past 18 years, the Bitcoin market has repeatedly seen narratives claiming "this time is different," yet the overall structure of each cycle has remained largely consistent. The maximum drawdowns for BTC occurred at approximately 85% in 2014, 84% in 2017, 77% from 2020 to 2021, and 53% from 2024 to 2025, with the magnitude of drawdowns gradually narrowing.
Alex Thorn, Head of Research at Galaxy Digital, released a chart showing that this BTC pullback is significantly smaller than in previous cycles. Analyst Willy Woo stated that as the supply shock from the halving weakens, Bitcoin may be transitioning from a four-year cycle to a six- to eight-year cycle, though this assessment remains unconfirmed at this time.
Previous cycles saw gains of approximately 580x, 130x, 22x, and 8x from troughs to subsequent all-time highs. Analyst James Check noted that Bitcoin’s price bottoms have risen with each cycle, while the peaks have remained relatively stable; Jesse Myers stated that BTC may have just entered a 2- to 3-year bull market. (Bitcoin.com News)