The narrative that $BTC (-0,6 %) cycles are over is gaining traction, driven by institutional flows and evolving market structure. Yet price behavior still aligns with historical patterns—accumulation, expansion, and distribution remain visible. Volatility compresses, then releases, just as before. The difference lies in scale and speed, not structure. While $BTC (-0,6 %) continues to respect cyclical tendencies, forward visibility is limited. Macro conditions, liquidity shifts, and regulation now play a larger role. The cycle may persist—but certainty no longer does.