I don't think there will be any more four-year cycles, the core reason is:

1. Macroeconomic Situation: Since Trump took office in the United States, as the strongest country on earth and a global leader and financial center, it has openly supported the blockchain industry, and the cryptocurrency market will only get better. If the United States completes the relevant legal framework before Trump's departure, it will be even more optimistic.

2. The core factors affecting the previous four-year cycle: The core factor is the BTC halving reward, and the interfering factor is the Federal Reserve's interest rate hike and cut cycle. However, there are now less than 2 million BTC left to be mined, which has a dramatically decreasing impact on the market.

3. More and more institutions in the United States have already released and will continue to release ETFs for BTC and other core cryptocurrencies, such as ETH, SOL, XRP, DOGE, etc. This continuous influx of funds makes it difficult for cryptocurrencies to drop to very low prices. This will create resistance to entering a deep bear market during the four-year cycle.

4. Do the big players in the crypto world, including the heads of major exchanges and various whales, still unanimously believe in the existence of a four-year cycle? Currently, some believe it still exists, while others do not see it this way. This divergence will ultimately affect the realization of the four-year cycle.

In summary: The four-year cycle may not last as long or dip as deeply as before. Three possible scenarios may arise, and I will continue in the next piece.

Personal opinion, not investment advice.