If this cycle had a script, I’d lean towards the following rhythm: Phase 1: The bull market ends in 2025, with institutions holding a large amount of BTC. Phase 2: Deep correction in the first half of 2026, completing chip redistribution. Phase 3: The current scenario of market consolidation unfolds: - Selling pressure from long-term holders fades, and the ETF cost zone provides support. - Institutional buying resumes, and short covering pushes prices through the trapped zone. Then comes Phase 4: The early bull market, entering a new upward cycle driven primarily by institutional demand and asset reallocation.