This image provides a visual representation of Bitcoin's price cycles from 2014 through projected trends in 2025. The cycles are divided into three main phases:

1. **Bear Market**: This phase shows a sharp decline after a bull run peak, representing the correction or decline in Bitcoin's price. The duration and depth of these bear markets suggest a resetting of prices after the euphoria of a bull market, leading to substantial price drops. We see this pattern in 2014, 2018, and 2022.

2. **Consolidation Phase**: After the bear market, Bitcoin enters a consolidation period where prices stabilize. During this time, volatility tends to be lower, and the market sees more range-bound trading. This phase often precedes the next bull run. Consolidation phases are seen in 2015–2016, 2019–2020, and projected for 2023–2024.

3. **Bull Market**: Following consolidation, Bitcoin often enters a bull market, characterized by a strong upward price trend, with significant gains in value. This phase attracts high interest and new investors, leading to rapid price increases. Bull markets are seen in 2017, 2021, and are projected for 2025.

The chart aligns with the Bitcoin halving cycle, where halvings (represented by the American flag icons) appear to mark the transition points between phases. These events reduce the supply of new Bitcoin, historically acting as a catalyst for the next bull market.

This chart suggests a potential bull market starting after the next halving in 2024, similar to the patterns observed in previous cycles.