TechFlow news — Kevin Kelly, co-founder of crypto research firm Delphi Digital, said certain on-chain metrics and charts suggest a new bull market cycle for cryptocurrencies may have already begun.
He believes Bitcoin follows a four-year cycle pattern and is currently in the early stage of a new cycle. In the past three cycles, Bitcoin experienced an 80% drawdown in the first year, recovered to new highs within the next two years, and then reached all-time highs in the fourth year.
He also noted that Bitcoin’s cycle peaks often align with peaks in the U.S. Institute for Supply Management (ISM) Manufacturing Index. When the economy begins to recover, the crypto market tends to rebound as well.
Analysts believe that factors such as U.S. approval of a Bitcoin ETF, an end to interest rate hikes, and Ethereum’s successful merge could propel the crypto market out of its current slump and into a new bull run.
