Fidelity Labs' Parth Gargava (Parth Gargava) believes that Bitcoin may be entering a "super cycle," with longer-lasting peaks and smaller declines, differing from the classic four-year halving pattern. He cites three key drivers: sustained ETF demand, a more friendly US regulatory environment, and the increasing decoupling of Bitcoin from traditional assets like the S&P 500. Gargava notes that the 2026 market will reveal whether this structural shift can persist or if the historical boom-bust cycles will repeat.