The Bitcoin cycles. Reaching ATH and then Bottom and again ATH and bottom. Is quite simple, those were 2 cycles. I would get to bored now to go search for dates of this cycles. But there were 4. Or even more if you count the ones before 2011. Now we are in 5th....
It will be interesting to see what the next bull run will look like, especially because of how likely it is that institutional investors will be fomo'ing with the retail market. It could turn out to be the biggest bull run we have ever seen.
We could potentially see another bull run this year with an ETF approval, and somehow I'm sure that it's not a matter of will an ETF ever get approved, but a matter of will it happen this or next year.
And that's just the first ETF. Eventually there is room for dozens of them, all competing with each other for volume. Bitcoin's spot market will become less relevant just like how that is with gold and other assets.
BitMEX for example already accounts for like 25-50% of Bitcoin's trading volume.