Bitcoin has been trading between $94,000 and $104,000 for weeks, leading some to question whether this is a true bull market.

Rob Nelson, host of Roundtable pointed out that Bitcoin’s 10% price swings aren’t particularly extreme for a young, 24/7-traded asset. But does that mean we’re in a confirmed bull run?

Zack Herbert, CEO of Foundation Devices, a company building Bitcoin-centric tools believes Bitcoin follows clear cycles, shaped by the halving event every four years.

"I’ve been in Bitcoin since 2013. The first time I bought was just a couple months before Mt. Gox collapsed," Herbert said. "All the bull markets follow a pretty similar pattern where you have the halving, then a lagging period, then it starts to climb, skyrockets, crashes, and then chugs along for a few years before starting again."

While some long-time holders believe Bitcoin could enter a "supercycle," Herbert remains skeptical.

"I know a lot of the OGs believe this could be some kind of super cycle. I’m not actually a believer in that theory. I think we’re going to see the exact same patterns that we’ve seen for the last decade," he said.

Nelson pushed back, noting that recent 10% swings are far smaller than the 30% drawdowns of past cycles.

"I just want to be clear, as you said, a $10,000 drop right now is in the 10% range. And that to me is not an insane amount of volatility, especially in an asset that’s traded 24/7 and that is young," Nelson said.

Herbert believes Bitcoin’s price action reflects market psychology and true decentralization, something no other asset has.

"It’s the only decentralized market in the world that I can think of, right? It trades 24/7, it’s fully permissionless. Even when ETF markets are closed, Bitcoin is still trading," he said.