Recent data suggests Bitcoin’s market value is shifting away from its traditional bull-market patterns, potentially entering a ‘staircase-like’ phase defined by gradual corrections. The MVRV (Market Value to Realized Value) ratio has dipped below its 365-day simple moving average (SMA365), sparking questions about the current cycle’s deviation from historical norms. 2024 marked a turning point, as the introduction of US spot Bitcoin ETFs and institutional inflows reshaped market dynamics. This year, MVRV dipped twice under the SMA365 but quickly rebounded, coinciding with fresh all-time highs. Now, analysts are observing a third test of this pattern. U.S. inflation data supports three Federal Reserve rate cuts before the end of 2025, setting the stage for MVRV to reclaim higher ground. If history repeats itself, this could mark another bull market cycle shift towards measured advances and corrections rather than sharp parabolic runs seen in previous cycles.