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.

Gold Financial News reports that Markus Thielen, Head of Research at 10x Research, 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 the 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 strong upward momentum. The reason is that institutional investors have become the dominant force in the crypto market but are now more cautious in their decision-making. With Federal Reserve policy signals still uncertain and overall liquidity tightening, the pace of capital inflows has noticeably slowed, weakening the momentum needed for continuous price breakthroughs. Until liquidity significantly improves, Bitcoin is more likely to remain in range-bound oscillations and sideways consolidation rather than rapidly entering a new parabolic rally.