I look at day-to-day - or even month-to-month- variations as noise, not cycles. How far down the time-series fractal is considered a cycle? All of this variance might look hilariously insignificant in 20 years. Perhaps we have a difference of perspective.
>They're consistently on a cycle of booming and busting - Bitcoin's value has been slowly creeping up and up through these cycles
Have we even seen a single cycle yet? Bitcoin hit the mainstream, what, five years ago? The value certainly hasn't "crept up"; it's growing exponentially like every bubble in history.