Matthew Sigel, head of digital asset research at VanEck, said in a recent investor note that if the durability of the current cycle is consistent with previous trends, this could signal a possible market top between the second and fourth quarters of 2025. Historically, the cryptocurrency market has experienced distinct four-year cycles, with important spikes in price typically occurring after the cap. The 2013-2017 and 2017-2021 cycles both followed this trend, with record highs following each halving. Sigel's analysis believes that the current market cooling phase is a precursor to another surge.