What if this cycle is still going on?

This is one of BTC(Bitcoin) On-chain data. What if this cycle is an extended cycle? What if the current market is in stage 3, as in the previous cycle..?

I expected this cycle, BTC MVRV Z Score would break at least 4.0, and end around 6.0. But, it failed. In case of the worst, BTC might collapse below $41k. However, I wish the current downward trend will be over soon, and eventually start surging again.

Now, people are silent.. it seems that they admit this cycle is done.. when LAMBO!!