BTC appears to have completed its growth phase in this cycle.

The current market structure and price behavior suggest the formation of the final stage — distribution. This is the classic Wyckoff phase, where major players begin taking profits after a strong impulsive uptrend.

From here, BTC is likely to show increased volatility, with liquidity gradually rotating into ETH and altcoins.
Historically, this stage has often marked the beginning of an altseason, as capital flows from Bitcoin into higher-risk assets.

So even if BTC’s rally has ended, the market cycle itself is far from over — it’s simply moving to the next phase.