Looking at BTC's trend, this bull market is actually not fundamentally different from previous cycles in terms of structure — graphically, it aligns perfectly, with no stages missing.

But there's an interesting point here. Compared to the previous highs and lows, the market is now 12 to 18 months behind schedule. Why? Essentially, macro factors are at play — liquidity, policy expectations, institutional entry pace — all of which have extended the timeline.

The first phase, which should have been quick in accumulation and acceleration, has been dragged into a marathon this time. So it's not that the cycle has been broken, but that it has been forcibly prolonged.

From the data, a standard cycle lasts about 4 years. This time? It’s expected to take 5 to 5.5 years to complete. Some people are still debating whether this time is different. Actually, there's no need. The market always repeats its story; it's just that each script has a different length. No two cycles are exactly the same, just like no two leaves are identical.