The current Bitcoin bull cycle is driven by top-down forces like regulatory changes and proposals for a U.S. Strategic Bitcoin Reserve.
Bitcoin's growing correlation with U.S. markets and global events is impacting its price cycles, deviating from the traditional halving rhythm.
Geopolitical events like the Russia-Ukraine conflict have triggered significant price movements in Bitcoin, while global instability can lead to de-risking behavior.
The narrative of this cycle is transitioning from purely crypto-driven to one influenced by regulatory and macroeconomic factors, requiring traders to adjust their expectations.
Regulatory developments and institutional frameworks play a crucial role in Bitcoin's long-term trajectory, but geopolitical volatility remains a key risk factor.