The Bitcoin Price has been following a familiar rhythm for a long time: every four years halved the new coin supply by extending the bull’s running. Then, when the price is too foaming and too much of the euphoria, the merchants take profits and the prices of the handkerchiefs to the bear market.
That Playbook now died, according to Matt Hougan, the chief investment manager Bitwise.
But not everyone agrees with him.
“The forces that have developed previous four-year cycles are weaker,” Housgan told X on Friday. “Half half -year is half and the cryptocurrency rate cycle is positive and the risk of blowing has weakened.”
The structural forces of Hougan, Bitcoin Bitcoin Boom and Bust cycles, as well as the effects on supply, are weakened. Meanwhile, Bitcoin has a new macro and regulatory environment.
Spot Bitcoin Etfs performance in the US 2024. January Began a multi -year -reven -border trend that could change the entire asset class, Hogan said.
And the institutions are just beginning to accumulate. Pension funds, grants and national assets platforms are still visiting.
At the same time, regulation takes clarity, Wall Street is laying infrastructure, and billions of capital fall into the space, promoting the outbreaks of legislative, such as the genius law earlier this month.
And it’s not to mention the sparkling Bitcoin treasures that were on shopping like no other. According to Bitcointreasuries.Net, in the last 30 days, 22 state -owned companies have joined 138, which has already considered Bitcoin as stock assets. There are a total of 160 now and counted.
“Long-term pro-crippse forces will convert classic four-year cycle forces,” Housgan said, “and they do not persist with excess cycles.”
But some disagree.
“I think the opposite is true,” said Nick Hansen, CEO of Bitcoin Mining Outlet, said Because of the news.
“When we are in the depths of the bear market, the Treasury companies are not going to operate just like heavy Bitcoiners, which continue to accumulate Bitcoin.”
If Bitcoin experiences 50 percent. It will be difficult for benefits and treasury companies to find capital, as today, Hansen explained. They also have operating costs and may incur pressure on shareholders to eliminate their shares if their shares decrease with their Bitcoin.
And it’s not about the possibilities for Bitcoin ETF holders to start selling, which will “destroy the price even more,” he said.
Some agree with Hougan, but take a more hardening approach.
“I am someone who thinks it is intact, but it will be silent,” July 24th. James Seyffart, an analyst at Bloomberg Intelligence, told Kyle Chasse Podcast.