Bitcoin’s Yield Curve Is Flashing a Warning | 2 Incomplete CycleBitcoinCRYPTO:BTCUSDPersianBlockchainFirst, I want to briefly explain what I mean by the Bitcoin yield curve. In any market, the yield curve can be viewed as a representation of demand and the market's ability to sustain continued growth. I will try to avoid a long explanation and keep it simple. Look at gold and the S&P 500. Over all these years, their prices have continued to move along a curve and follow a consistent market structure. Look at gold. It has experienced healthy cycles, regular corrections, and sustainable new highs. This structure demonstrates strong demand, even after decades of market activity. But crypto has shown two inefficient cycles, with two incomplete tops and weakening candle structures: one in 2021 and another in 2025. In 2021, Bitcoin should have reached $100,000, but the market failed to touch that level. In 2025, we were unable to reach $200,000 and enter the true euphoric phase or the top of the cycle. The biggest problem is that, despite the arrival of countless companies, institutions, and major Bitcoin ETFs, and despite massive amounts of capital flowing into the market, Bitcoin still ended up trapped in a defective cycle. Another important issue is that almost all of the capital was concentrated in Bitcoin rather than flowing into altcoins. But there is an even bigger problem: the value of money changes from cycle to cycle. For example, the $126,000 cycle top in 2025 had the purchasing power of only around $98,000 in 2020 — a difference of $28,000 in real value. You can see this across all the cycles. Even after accounting for inflation, Bitcoin has still failed to perform as a truly inflation-resistant asset. I could continue explaining my reasoning for days, but there is an even bigger issue. If governments do not enter the Bitcoin market during this cycle and help pull us out of this defective cycle structure, it may eventually be too late for Bitcoin. And perhaps reaching a new all-time high could become nothing more than a false hope. If you do not understand what I am talking about, send this image and text to an AI. It will certainly be able to help you understand exactly what I mean. This is not financial advice. Sincerely, Amir Ghasemi