The Influx of Institutional Investors: Institutional investors have large amounts of capital, more mature investment strategies, and longer holding periods. Unlike the past market structure dominated by retail investors, their entry will make the Bitcoin market more influenced by traditional financial markets and macroeconomic factors. Price fluctuations may no longer be dominated by the four-year halving cycle as before.

- Changes in the Regulatory Environment: If regulations become clear and friendly, such as if the U.S. introduces the 'Bitcoin Reserve Act', it could trigger a global race to hold Bitcoin, promoting widespread adoption and enhancing market liquidity, thus changing the original market cycle.

- Early Market Expectations: The price has surged significantly before the 2024 Bitcoin halving, indicating that the market's expectation responses to events like the Bitcoin halving have occurred earlier. Investors are no longer simply waiting to act after the halving; this could break the original four-year cycle pattern.

- Innovation and Popularization of Financial Instruments: The introduction of financial instruments like Bitcoin ETFs allows investors to gain exposure to related investments without directly holding Bitcoin, enhancing market liquidity and stability, and potentially weakening the influence of the four-year cycle.

- Fundamental Impact of the Halving Mechanism: The Bitcoin halving mechanism is a core part of its design, occurring every four years and continuously increasing Bitcoin's scarcity. In the long run, this fundamental factor will still influence prices, continue to attract investors, and support the four-year cycle.

- Market Memory and Habit: The four-year cycle of Bitcoin has deeply rooted itself in the minds of market participants, who will reference this cycle when formulating investment strategies. This collective memory and habit will, to some extent, reinforce the self-fulfilling nature of the four-year cycle.

- Alignment with Macroeconomic Cycles: In the past, Bitcoin's four-year cycle has shown a certain alignment with some macroeconomic cycles, where policies like quantitative easing and fiscal stimulus have had a positive impact on Bitcoin prices. Future macroeconomic policies may still exhibit similar cyclical changes on a roughly four-year time scale, continuing to influence the Bitcoin market.