10x Research: Bitcoin still has a "four-year cycle," but the market may no longer be anchored to halving events.

TechFlow to TechFlow, on December 14th, Markus Thielen, Research Director at 10x Research, stated that the "four-year cycle" of Bitcoin has not disappeared; however, the core driving factor is no longer anchored to halving events. The Bitcoin market reached historical peaks in 2013, 2017, and 2021. This year, despite the recent interest rate cuts by the Federal Reserve, Bitcoin has not regained its strong upward momentum. This is because institutional investors, while becoming the dominant force in the crypto market, are making more cautious decisions. With the Fed's policy signals still wavering and overall liquidity tightening, the pace of capital inflows has slowed significantly, weakening the momentum needed for a sustained price breakout. Until liquidity improves significantly, Bitcoin is more likely to maintain range-bound trading and consolidation rather than quickly entering a new round of parabolic upward movement.