Current cycle peak to prior cycle peak gains go down exponentially each time

The chart isn’t caught up but we can add prices up to today. The thing that sticks out to me is the law of large numbers at work. As BTC increases, it becomes increasingly harder to increase at the same growth rate.

Case in point, every BTC cycle has resulted in a peak to peak vs prior cycle gain that has come down exponentially.

Inception to peak 1 of $1,238 was off the charts gains. Peak 1 to peak 2 of $20,000 was a 16x. Peak 2 to peak 3 of $68,991 was a 3.5x. Peak 3 to current peak 4 top of $112k is about 1.6x. Now obviously we can’t say if the cycle top is in but add in the perspective of having crypto friendly government, ETFs and companies like MSTR buying billions…and it’s only up 60% from the prior cycle peak almost a full 4 years later?

The bigger it gets, the harder it becomes to move the needle. BTC can only appreciate if constant new money comes in at an exponentially higher rate over time.

And if the monster gains go away, what else does BTC offer and why would we expect new money to continue to flow?