GM Brothers and Sisters ✅Current Bitcoin Cycle Dramatically Underperforming Previous Ones Analyst Alex Thorn from Galaxy points out that the 4th halving cycle is dramatically underperforming the previous three cycles From the 2024 halving price to the all-time high on October 5, 2025, the gain is only 97% ✅Comparison with Previous Cycle Gains 2012 cycle: 9,294% gain 2016 cycle: 2,950% gain 2020 cycle: 761% gain Current cycle: only 97% gain — significantly weaker ✅Volatility Has Dropped Sharply Previous cycles had extreme volatility For example, the 2020 cycle saw volatility spike to 9.64% The current cycle has very low volatility, never exceeding 3.11%, and is currently estimated at only 1.75% This shows Bitcoin’s price swings are becoming much calmer ✅Smaller Drawdowns Past bear markets typically saw drawdowns of 80–90% This cycle, from the $125,000 high down to around $60,000, the drop is only just over 50% — relatively mild ✅Possible Reasons Bitcoin already hit a new all-time high before the 2024 halving, mainly driven by the approval of U.S. spot Bitcoin ETFs This is a historical anomaly that distorts the traditional “post-halving rally” comparison Overall market dynamics are changing Bitcoin is increasingly influenced by traditional finance factors, and the impact of halving events and the four-year cycle theory may be weakening ✅Market Views and Outlook Some analysts believe this could be the “new normal,” while others question whether the comparison is fair VanEck CEO Jan van Eck stated in March that Bitcoin may be close to the bottom and expects a gradual recovery starting in 2026 －－－－－－－－－－－－－－－－ Bitcoin is no longer just a competition among retail investors When VCs, investment banks, and big capitalists enter the market They won't let retail investors have an easy time Plan accordingly & Choose wisely ✨May your life radiant with Bitcoin✨