The current Bitcoin market cycle is predicted to exhibit diminishing returns compared to previous cycles, regardless of whether ROI is measured from the cycle low, the halving, or the previous peak.
"if you just measure it from the low, you can see that we are looking more than likely at diminishing returns and it's currently experiencing diminishing returns. ... when you measure it from the low, you can pretty clearly see diminishing returns. Uh when you measure it from the having, you can also pretty clearly see diminishing returns. And then... if you do measure it from the peak, you can also see that it kind of lines up with the last couple of cycles and is currently experiencing diminishing returns."
