According to Markus Thielen of 10x Research, Bitcoin's traditional four-year cycle remains intact, but its primary drivers have shifted. The halving, previously considered the main catalyst, is now secondary to political factors, liquidity conditions, and upcoming elections. Thielen suggests that these macroeconomic and political forces are exerting a more significant influence on Bitcoin's price movements than the programmed supply reduction. This perspective marks a departure from the conventional understanding of Bitcoin's cyclical behavior, emphasizing the growing impact of external factors on the cryptocurrency market.

According to Markus Thielen of 10x Research, Bitcoin's traditional four-year cycle remains intact, but its primary drivers have shifted. The halving, previously considered the main catalyst, is now secondary to political factors, liquidity conditions, and upcoming elections. Thielen suggests that these macroeconomic and political forces are exerting a more significant influence on Bitcoin's price movements than the programmed supply reduction. This perspective marks a departure from the conventional understanding of Bitcoin's cyclical behavior, emphasizing the growing impact of external factors on the cryptocurrency market.