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It is a complicated graph (at first) but it is also the more coherent understanding of cycles.
The upper panel shows the price of Bitcoin shifted by 4 years. Each layer shows the previous cycle at the same date but 4 years prior.
You can see how regular the peaks have been. The true peak of the last cycle was at the end of the year (we had an early peak in April) because it is consistent with where the other peaks happened.
The lower panel shows the deviations from the power law normalized in such a way to compensate for the decay of the peaks so all the peaks have comparable heights.
The average behavior is consistent with a 4 year cycle that peaks around Q4 of the 4th year.
This cycle is much more muted in comparison with the previous ones.