According to Glassnode, Bitcoin may be still following its four-year cycle of halving, even though some predicted that increased institutional interest would break this pattern.
“From a cyclical perspective, Bitcoin’s price action also echoes prior patterns,” Glassnode said In a market report published on Wednesday.
Bitcoins show signs of cooling
Glassnode stated that several factors indicate that the Bitcoin is (BTCIt is possible that the cycle has progressed further than market participants believe.
Profit-taking among long-term holders — those holding Bitcoin for more than 155 days — is now “comparable to past euphoric phases, reinforcing the impression of a market late in its cycle,” It was said.
Glassnode has also noted a weakening of demand with the capital inflows to Bitcoin. “showing signs of fatigue.” Over the past 4 trading days, spot Bitcoin exchange traded funds (ETFs), have experienced outflows totaling $975,000,000. according Farside Investors is a group of investors who are based in the United States.
Bitcoin has fallen 8.3% since it reached its new peak of $124 128 on August 14, to $113 940 at the moment of publishing. according CoinMarketCap.
Glassnode noted that traders are now taking more risky bets due to the fall in demand.
“This slowing appetite has coincided with a surge in speculative positioning, as open interest across major altcoins briefly reached a record high of $60B before correcting with a -$2.5B decline,” It was said.
Glassnode says that, if Bitcoin is to continue following its normal cycle, the highs could arrive as soon as this October. “where we currently stand when measured from the cycle low.”
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Rekt Capital, a crypto analyst, said early in July that the Bitcoin cycle follows the 2020 patternThe market is likely to peak in October or about 550 days following the halving of Bitcoin in April 2024.
Many executives claim that the four-year cycle has ended
Bitcoin’s four-year cycle is not universally accepted. Many industry leaders argue that the number of public treasurers buying Bitcoin, along with the demand for Bitcoin ETFs on the spot market may cause the cycle to play out differently.
Jason Williams, author and investor, will be in attendance on August 10. said that the top 100 treasury companies BitcoinTreasuries.NET data shows that the cycle has not yet ended. BitcoinTreasuries.NET data shows Bitcoin Treasury Companies publicly listed on the stock exchanges hold Bitcoin worth approximately $112.17 Billion.
Bitwise chief investment officer Matt Hougan Bitcoin Cycle: In July we said the Bitcoin cycle was ending. “is dead” Bitcoins will probably see an upward trend. “up year” In 2026,
Hougan expects the timeline for this cycle will be different, because the halving of the cycle becomes less important each time and interest rates are becoming more favorable to crypto.
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Source: cointelegraph.com
