We are very likely to see the cycle coming back again.（Advice from the top， by David Oates)
According to the dictionaries I can find, "cycle" is no different from "circle". In this case, can I replace "cycle" with "circle“？
Conran suspects that the current vogue for de-mergers will eventually turn full circle and there will be a return to the times when it was thought that, a collection of targeted retail companies supported by a strong central management core actually is a good thing rather than a bad thing. At one time the City had an enormous enthusiasm for mergers. We were quite a good example with Habitat merging with Mothercare and then taking on Richard Shops, Heals and eventually BHS, all done extremely amicably. We are very likely to see the cycle coming back again. .
It is often true that two words share one or more meanings. That does not mean they are interchangeable.
One of the meanings of "circle" is "cycle", but "circle" has many meanings that don't correspond to any of the meanings of "cycle". You invite confusion with one of these other meanings if you replace "cycle" with "circle".