The 4-year cycle is an illusion. Copper doesn't run on a calendar. Neither does the S&P, the Russell 2000, or anything else on the risk curve. Every asset class moves with the business cycle, and crypto is no different. It's just the last one to move. The 2012, 2016 and 2020 halvings all landed right as the business cycle flipped to expansion. 2024 didn't, and that's the cycle everyone said felt broken. Our business cycle index just confirmed expansion as we approach the precipice of an AI productivity boom. This will be a bull market like no other. The 4-year cycle is an illusion 0:00 Bitcoin's first bear market 0:36 Halvings and the business cycle 1:05 Why this cycle felt confusing 1:59 All-time highs and ETFs 2:49 Why it isn't logical 3:24 Copper vs gold 4:52 QT ending 6:37 Russell 2000 7:04 End of the risk curve 7:48 Altcoins in 2026 8:23 AI productivity boom 8:59 Business Cycle Index 10:14 What expansion means 12:59 Final thoughts 14:18