10x Research: The four-year Bitcoin cycle still exists, but the driving force has shifted from halving to politics and liquidity.

According to a report by Cointelegraph on December 14th, Markus Thielen, Head of Research at 10x Research, stated that Bitcoin's four-year cycle still exists, but its main drivers are no longer halvings, but rather political factors, the liquidity environment, and election cycles. The Bitcoin market reached all-time highs 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.