We prove the Feigenbaum-Coullet-Tresser conjecture on the hyperbolicity of the renormalization transformation of bounded type. This gives the first computer-free proof of the original Feigenbaum observation of the universal parameter scaling laws. We use the Hyperbolicity Theorem to prove Milnor’s conjectures on self-similarity and “hairiness” of the Mandelbrot set near the corresponding parameter values. We also conclude that the set of real infinitely renormalizable quadratics of type bounded by some $N > 1$ has Hausdorff dimension strictly between $0$ and $1$. In the course of getting these results we supply the space of quadratic-like germs with a complex analytic structure and demonstrate that the hybrid classes form a complex codimension-one foliation of the connectedness locus.