Bitcoin’s record-high market has reignited debate over whether the cryptocurrency still follows its traditional four-year boom-and-bust rhythm. Commentators arguing for an imminent peak point to historic patterns that frequently deliver a ‘blow-off top’ within months of each halving, while others say expanding institutional demand and changing macro conditions are stretching the cycle. A new report from Adamant Research, led by longtime analyst Tuur Demeester, contends that the current phase represents “mid-cycle strength” rather than a late-stage top. The study projects a 4-to-10-fold appreciation that could push Bitcoin above $500,000 in the coming years, citing resilient long-term holder behaviour, surging spot-ETF inflows and supportive U.S. policy. At 12:44 p.m. UTC on Aug. 10, Bitcoin’s market value stood at roughly $2.36 trillion, accounting for 59.7 percent of total crypto capitalization. Sceptics of a near-term top say rising money supply, a still-easing rate outlook and heavy corporate treasury allocations could defer capitulation until at least the second quarter of 2026. Others, pointing to retail psychology and prior halving patterns, warn that parabolic gains could still compress into the next several weeks. With participants split on timing but broadly constructive on direction, the discussion now centres on whether Bitcoin’s maturing investor base and deepening links to traditional finance are powerful enough to override its historical cadence—or simply setting the stage for a larger, later correction.