TechFlow news, December 14 — Markus Thielen, Head of Research at 10x Research, said the Bitcoin "four-year cycle" has not disappeared, but its core driver is no longer anchored to the halving event. Bitcoin markets reached historical peaks in 2013, 2017, and 2021. This year, despite the recent rate cuts by the Federal Reserve, Bitcoin has failed to regain strong upward momentum. The reason is that institutional investors have become the dominant force in the crypto market but are making more cautious decisions. With the Fed's policy signals still uncertain and overall liquidity tightening, the pace of capital inflows has clearly slowed, weakening the momentum needed for sustained price breakthroughs. Before liquidity improves significantly, Bitcoin is more likely to remain range-bound and consolidate sideways rather than quickly enter a new parabolic rally.
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