The 2024 Bitcoin cycle is underperforming compared to previous halvings, but the market is maturing. Alex Thorn from Galaxy argues that the Bitcoin cycle following the April 2024 halving is significantly underperforming compared to the cycles of 2012, 2016, and 2020. Those previous cycles recorded gains of approximately 9,294%, 2,950%, and 761%, respectively, while the current cycle's peak at $125,000 is only about 97% higher than the halving price. Price volatility has also decreased significantly, with the 30-day Volatility Index now at just 1.75%, much lower than the 9.64% recorded in 2020. Part of the explanation for this difference is that Bitcoin peaked above $70,000 before the halving in March 2024, fueled by the approval of a US spot Bitcoin ETF. This makes comparing cycle performance using conventional formulas less accurate. On the positive side, dips have also been milder, only about 50% from the peak compared to 80-90% in previous cycles. CEO VanEck expects a gradual price recovery in 2026.$BTC $DOGE