BitMEX Alpha maintains that Bitcoin's traditional 4-year cycle, influenced by halving events, remains intact despite narratives suggesting a 'supercycle' or a cycle-free future. Historical trends have consistently shown phases of accumulation, parabolic rallies, speculative peaks, and subsequent crashes following each halving. The most recent halving on April 19, 2024, places the market in the midst of its fourth cycle. Despite recent developments such as ETF approvals and increased institutional inflows, Bitcoin has underperformed compared to major assets like stocks and gold, reinforcing the cycle's persistence. Additionally, recent market disruptions, including a $19 billion liquidation cascade and a DeFi protocol collapse, highlight the ongoing influence of the traditional cycle.