$BTC February 2026 has thrown gasoline back on one of crypto’s oldest debates. Bitcoin just dropped hard to $60K before snapping back above $68K — and once again traders are asking: are Bitcoin’s legendary four-year cycles still real, or has the market finally outgrown them?
For more than a decade, Bitcoin’s boom-and-bust rhythm has revolved around halving events. Every cycle felt familiar: quiet accumulation, explosive bull runs, euphoric peaks, brutal corrections, and a long reset. It became crypto’s unofficial heartbeat.
But today’s Bitcoin is not the same asset it was in 2013, 2017, or even 2021. ETFs, institutional capital, derivatives markets, and macro integration are reshaping how liquidity moves. That’s why analysts are split — some say the classic cycle is breaking down, while others argue we are watching history rhyme once again.
So what’s really happening?
At the core of the four-year cycle is Bitcoin’s supply design. Every halving cuts miner rewards, reducing new
$BTC entering circulation. Historically, this supply shock met rising demand, triggering multi-year rallies fueled by speculation, media attention, and retail FOMO. When the hype overheats, corrections follow — often severe enough to shake out weak hands before the next accumulation phase begins.
This pattern has repeated with uncanny consistency. Post-halving years delivered outsized gains, followed by deep drawdowns and waves of “Bitcoin is dead” headlines — a narrative that itself has become cyclical.
The current cycle looks familiar… but not identical.
After the 2024 halving, Bitcoin surged to roughly $126K in 2025 before correcting around 50%. That magnitude mirrors prior mid-cycle pullbacks. On-chain indicators point to stabilization rather than capitulation, suggesting the structure is still intact. Yet returns are compressing compared to earlier eras, and ETF flows now act as a structural buffer that didn’t exist before.
This is where the debate intensifies.
Those declaring the cycle “dead” argue that institutional participation creates a steady bid, smoothing volatility and weakening halving-driven shocks. Bitcoin’s growing correlation with macro assets suggests maturation — more gold-like behavior, less speculative whiplash.
Cycle defenders counter that psychology hasn’t changed. Fear, greed, and narrative momentum still drive markets. The current correction resembles previous resets, and halving expectations continue to anchor trader behavior. In their view, the rhythm isn’t gone — it’s adapting.
The truth likely sits in the middle.
Bitcoin’s four-year cycle may no longer be the explosive metronome it once was, but its structural influence hasn’t vanished. Instead, we may be witnessing an evolution: longer timelines, reduced extremes, and deeper macro integration layered on top of familiar behavioral patterns.
For investors, the takeaway isn’t to worship the cycle — or dismiss it. Treat it as a framework, not a prophecy. Watch liquidity, macro signals, and adoption trends alongside halving dynamics.
Crypto history rarely repeats perfectly… but it does rhyme. And right now, the rhythm still sounds familiar — just playing in a more mature market.
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