Ive seen this term a few times, but never an explanation. As a person that (mostly) associates themselves with being Bi, ive never experienced any sort of “cycle”. Its it just an internet injoke (cause it sounds like bicycle).
It’s a real thing and it’s also used as a joke. Not everyone experiences it. Attraction to the different genders can change. For some time attraction might even vanish. It often comes in form of cycles.
It can be really challenging for some, as there is already the misconception that bisexuality is just a phase. So if the cycle is very long, like some months, one might start to question if they are really bisexual because they are currently only attracted to a specific gender.
So using the meme of bicycle is a good way to be aware that it can happen and does not mean one is not bisexual. Just a to bond in the community.