on January 10, Fidelity's Global Macro Director Jurrien Timmer expressed that Bitcoin's current trend resembles the S-curve of the internet rather than a power-law curve. Many Bitcoin advocates claim that the four-year cycle has concluded and a new structural upward wave is imminent. Timmer is skeptical, not questioning the diminishing impact of the halving cycle, which he agrees with, but doubting the notion that bear markets will no longer occur.