Crypto analyst Michaël van de Poppe argues that recent Bitcoin price fluctuations, particularly the rejection around $125,000, shouldn’t be interpreted as a definitive end to the bull market. He emphasizes that applying past models to Bitcoin’s evolving environment is flawed and could lead to inaccurate conclusions about its current trajectory. 2025 saw Bitcoin break new ground with the introduction of spot ETFs, which injected over $60 billion into the market and led to an all-time high before the halving. This unprecedented event has challenged the traditional 4-year cycle pattern previously observed in Bitcoin. Instead, van de Poppe contends that Bitcoin’s current environment is characterized by a new influx of institutional demand rather than the historical reliance on the predictable 4-year cycle.