381 days after the high: why the Bitcoin cycle is running differently this time

The Bitcoin cycle is the observation that the price has moved in a recurring rhythm since 2012: roughly every four years the reward for miners halves, a good eighteen months later a record follows, and after that comes a deep slump. Ask today whether that rhythm still holds and you get two opposing answers. Both can be checked with numbers. The documented figures: the last three cycle highs arrived 526, 548 and 534 days after the respective halving, so within three weeks of each other, and the high of October 6, 2025 fits that pattern exactly.