The cryptocurrency market is witnessing a debate about the validity of Bitcoin's historic four-year cycles amidst increasing institutional involvement. Analysts suggest these cycles, which align with Bitcoin halving events, may be reaching their end. Jason Williams pointed out that top Bitcoin treasury companies hold nearly 1 million BTC, influencing market dynamics. Matthew Hougan believes the cycle is over, anticipating positive returns by 2026. Contrasting this view, others argue for the cycle's continuation; CRYPTO₿IRB asserts that ETFs and traditional finance systems still reinforce the four-year cycle. Pierre Rochard emphasized that 95% of Bitcoin has been mined and the supply dynamics have changed. Martin Burgherr notes that while the halving cycle is still relevant, other factors, such as macroeconomic conditions and regulatory developments, now significantly affect market behavior. Xapo Bank's Seamus Rocca cautioned against dismissing the cyclical nature of Bitcoin due to institutional participation, implying that there's still potential for a prolonged bear market.

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