Grayscale has released an analysis indicating that Bitcoin's traditional 4-year cycle may no longer be relevant. The firm attributes this shift to the absence of a parabolic bull market overshoot and significant structural changes brought about by Exchange Traded Products (ETPs) and Digital Asset Trusts (DATs). Grayscale forecasts that Bitcoin will reach a new all-time high in 2026, driven by a favorable macroeconomic environment. This prediction suggests a departure from the historical cycle, emphasizing the evolving dynamics in the cryptocurrency market.