Cycle Framework Confirms Early Expansion as Speculative Infrastructure Matures

Crypto market cycles follow a repeatable four-phase pattern — early expansion, wealth creation, wealth distribution, and wealth destruction — and the evidence now points firmly to the first phase being underway. Bitcoin’s reclamation of the 50-week moving average at $81k, the golden cross confirmation, and the return of onchain speculation all match the signature of prior early-bull environments. In the last cycle, this phase began in February 2023 after the November 2022 low. This time, the setup arrived faster and with more structural support.