Is the 4-year Bitcoin cycle more related to global liquidity than the halving event?

I've been thinking about the 4-year cycle in Bitcoin, and I'm starting to believe it might be less about the halving event and more about global liquidity. While the halving reduces supply, wouldn't the overall liquidity in the global markets (due to central bank policies, interest rates, etc.) have a stronger influence on the price of Bitcoin? For example, when liquidity is high, more capital tends to flow into riskier assets like BTC. But in tighter liquidity conditions, investors might shy away from volatile assets.

Has anyone else considered this? What are your thoughts on how much global liquidity affects Bitcoin's price cycles compared to the halving?