Glassnode said on X that the Bitcoin four-year cycle previously relied on by the market has not been reflected in the current bear market. According to Odaily, data showed that drawdowns in the past three cycles were more than twice as large as in the current one, and there were still several weeks before the cycle bottom in those periods.

By contrast, Bitcoin is currently down about 30% from its all-time high and prices are recovering. Glassnode said that as time passes, another decline as deep as those seen in previous cycles appears increasingly unlikely.