The crypto market may still be obsessed with old cycle scripts, but the next phase could look very different. For years, Bitcoin’s trajectory has been framed through the lens of the four-year halving cycle: supply shock, euphoric rally, brutal crash, repeat. That framework helped explain much of the market’s behavior in its earlier, retail-driven phases. But as institutional capital deepens its presence, regulated vehicles expand access, and crypto-native infrastructure matures, the old narrative may no longer be enough