Looking at the classic 4-year cycle theory in the cryptocurrency market, it is possible to say that a truly strong bull period has not occurred so far. When analyzing price movements, the extreme surges seen in previous market cycles are not observed. On-chain data also do not reflect similar instabilities.

Even when considering the period where Bitcoin rose from $15,000 to $120,000, the figures may seem impressive at first glance, but the excesses and volatility levels brought by past bull markets have not been reached. In addition to price movements, key indicators such as trading volume, wallet activity, and network health also did not hit the expected extreme levels. This indicates that the current cycle follows a structure different from previous classic models.