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Bitcoin’s four-phase cycle: • Bear: median -65.2% • Pre-bull: median +95.1% • 1st bull: median +122.9% • 2nd bull: median +60.1% 2026 is technically the Bear year, but bitcoin:native is only -11.4% YTD and already +36% from the July low. Previous Bear years were down a median -49% by now. My read: 2026 may be a violent reset, 2027 the repair phase, and 2028-2029 the real expansion.#PCEToJacksonHole #AIMonetizationBroadens #BTCOptionsExpiryTest