CoinMeta data: Despite recent market sell-offs and liquidations, analysis indicates that Bitcoin may have entered a new bull market. Research by Blofin suggests that Bitcoin's traditional four-year bull-bear cycle is gradually weakening, and future rebounds may bring smaller returns, followed by shorter and less severe declines. On October 11, 2026, Bitcoin's MVRV ratio was 1.54, exceeding its 365-day average of 1.44, indicating that the long-term recovery is still on track. The study also found that the magnitude of Bitcoin's historical crashes is decreasing; the latest bear market saw a decline of about 53% from its peak in October 2025.