Bitcoin breaks historical high, will the bull market cycle repeat itself? On May 22nd, the price of Bitcoin exceeded $110000, breaking the historical high of January 20th. This scene brings to mind the scene from November 2021. At that time, Bitcoin quickly fell back after briefly crossing the high point at the beginning of the year, thus beginning a long and profound bear market cycle. Now the market seems to have once again been pushed to a turning point of fate: will it break through again, open up a new round of upward space, or will it repeat history, fall into a double peak market after a false breakthrough, and eventually usher in a deep correction? This is a problem that Bitcoin cannot avoid every time it approaches historical highs. In the past few bull markets, we have repeatedly seen similar structures: a climax is approaching, market sentiment is high, and discussions about whether the cycle has reached its peak are constantly emerging. In this round, although the upward trend and rhythm are somewhat familiar, the deeper market structure has undergone significant changes. Prices are repeating themselves, but the market is no longer yesterday. In this context, do we continue to believe that the cyclical law brought about by halving still dominates the fate of Bitcoin? Should we still acknowledge that a new rhythm has quietly unfolded in ETF funds, on chain structures, and macro narratives? Returning to the most fundamental observation methods, perhaps the data on the chain, historical mirrors, and traces of behavior can still provide us with some periodic insights. Is the current surge the final sprint of cyclical inertia or a new starting point after restructuring the cyclical structure? Perhaps the answer lies within the context of the data. BTC