10x Research: Does not agree with the view that the "Bitcoin four-year cycle has been broken," but the market may no longer be anchored to the halving.

[10x Research: Does Not Agree with the “Bitcoin Four-Year Cycle Broken” View, but the Market May No Longer Be Anchored to Halving] 10x Research Director Markus Thielen stated in a recent interview that the “four-year cycle” of Bitcoin has not disappeared; rather, the core driving factors are no longer anchored to halving events. The Bitcoin market reached historical peaks in 2013, 2017, and 2021. This year, in the context of the Federal Reserve’s recent rate cuts, Bitcoin has not regained its strong upward momentum. The reason is that institutional investors have become the dominant force in the crypto market but are making more cautious decisions. With the Federal Reserve’s policy signals still fluctuating and overall liquidity tightening, the pace of capital entering the market has significantly slowed, weakening the momentum needed for sustained price breakthroughs. Until liquidity substantially improves, Bitcoin is more likely to remain in range-bound oscillation and sideways consolidation rather than rapidly entering a new parabolic rally.