In my opinion, Bitcoin has experienced three cycles, and they are not anchored around the halvings. They are anchored around the trends in adoption and market structure, with the 2017 top, and 2022 bottom being the transition points 🔴 Retail early adoption 🟠 Wild West, Boom & Bust (with leverage) 🔵 Institutional maturity and stability Pick your mean reversion model, and they all have the same transition points, and change in character. Things changed after the 2022 bear market, and folks who assume the past will repeat, likely miss the signal because they are looking at the historical noise.(_Checkmate 🟠🔑⚡☢️🛢️)