"4 year cycle" is just a synonym for claiming that it's impossible for there to be a mining bubble and the artificial scarcity event known as the halving will always make the price go up and make miners profitable, and no miners will ever have to shut off.  If you claim the price will automatically go up every halving, then that would automatically make Bitcoin a Ponzi scam.  So which one is it, kids?  Is Bitcoin a Ponzi scam or not?