Matt Hougan, Chief Investment Officer at Bitwise, has argued the classic four-year Bitcoin (CRYPTO: BTC) cycle is evolving due to institutional adoption.
What Happened: In a thread on X on Friday, Hougan noted that historically Bitcoin has followed a pattern of three bullish years followed by a pullback, driven by driven by investor enthusiasm, leverage buildup and eventual deleveraging.
Each past cycle had a major catalyst, such as early exchanges in 2011 and ICOs in 2017 and ended with a crash, such as Mt. Gox in 2014, the SEC crackdown in 2018 and FTX in 2022.
The current cycle began in …
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