If Bitcoin continues the cyclical trend of 2020, the market may peak in October 2025, which is 550 days after the Bitcoin halving in April 2024. I believe that many market participants have overlooked the impact of the halving cycle and that the trend of 'extended cycles' may continue until 2026. They have abandoned the halving cycle indicators in favor of chasing new narratives, such as the correlation between Bitcoin and the global M2 money supply. I feel that this behavior of chasing new indicators is emotional.