A certain grayscale research institution recently made an interesting judgment - Bitcoin is highly likely to reach a new high next year, and this time it may not follow the old playbook.

It is known that the "four-year cycle" has always been popular in the crypto world, but this time the situation seems a bit different. Looking at this round of price increase, there hasn't been that kind of spine-tingling parabolic surge; instead, it appears quite restrained. The underlying reason can also be inferred—this wave is mainly supported by institutional funds, unlike before when it was all based on the enthusiasm of retail investors creating a bubble.

More importantly, the larger environment is also cooperating. The expectation of interest rate cuts from the Federal Reserve is still hanging, and the legislative process for cryptocurrencies in the U.S. is also moving forward. These factors combined may really allow Bitcoin to carve out a new path. The traditional cycle theory might just be proven wrong this time.