long✅

The idea of shifting the cycle from four to five years relies on a simple yet important detail: the influence of halving is increasingly spread out over time. Previously, the market was compact, and the reduction in issuance quickly reflected in the price. Now, Bitcoin is embedded in the global financial system, and the reaction has become inertial: first, the market digests the monetary policy of the Federal Reserve, liquidity movements, and the state of the economy, and only then does the effect of the 'new scarcity' fully manifest in the price. Therefore, the peak of the cycle logically moves further away from the halving date $BTC : not 'a year after,' but a year and a half to two years, when fundamental and monetary factors come together in one direction.