<ul data-eligibleForWebStory="true">Bitcoin's historic four-year cycles are being questioned as institutional adoption may be altering its rhythm.On-chain metrics, ETF flows, market psychology, and corporate accumulation are key factors in understanding Bitcoin's future moves.The Bitcoin market is not considered overheated yet according to on-chain metrics, indicating bullish territory.The current cycle is showing a more stable structure compared to previous cycles, potentially due to institutional involvement.ETF flows have seen significant demand, along with stacking from corporate treasuries, shifting Bitcoin's supply dynamics.Despite institutional influence, human psychology still plays a dominant role in Bitcoin's market cycles.Bitcoin may be approaching the thrill and euphoria phase, historically preceding market peaks.Rise of Bitcoin treasury companies is seen as a bet on fiat devaluation and Bitcoin appreciation, with strategic debt use.Forecasts suggest Bitcoin could reach between 140 and 240 but not half a million this cycle, citing macro risks and consolidation potential.While Bitcoin's market structure is evolving, the foundational cycle mechanics still hold, but investors should remain cautious.