According to ChainCatcher, Matthew Sigel, head of digital asset research at VanEck, said in a recent investor report that if the persistence of the current cycle is consistent with previous trends, this could indicate that a market top could occur between the second and fourth quarters of 2025. Historically, the cryptocurrency market has experienced a clear four-year cycle, with important price peaks typically occurring after the cap. The 2013-2017 and 2017-2021 cycles followed this trend, with record highs set after each halving.

Sigel's analysis believes that the current cooling phase of the market is a precursor to another surge.