BTC has recently experienced the largest pullback of this cycle.

As for whether this is just another correction within a larger upward trend, it's still uncertain.
Technically, the 4-year cycle remains quite accurate in terms of timing.
However, from a price perspective, we might already consider the 4-year cycle to be broken, since this year's performance has been a decline, while it should have been a big rally in the last year of the cycle.
2026 will be very interesting.
I don't think things will be that simple.
I think it's more likely that we'll see these rotations of small rises and falls over several months, like we've seen recently.