#比特币市场波动观察 #The market continues to adjust, hoping for January

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, pointed out three "unstoppable" sources of demand for Bitcoin: ETFs, Microstrategy, and the government itself possibly becoming a Bitcoin buyer. He added, "Ultimately, it comes down to supply and demand. Too much demand, not enough supply, so I think the price will be higher in 2025." However, I believe that even with increased demand, it cannot match the supply flowing into the market from existing large holders and long-term holders, as the inherent bull-bear cycle of Bitcoin still exists.

In the 2013 cycle, after 6 weeks of price discovery, $BTC experienced its first major adjustment in the 7th week.

In the 2017 cycle, after 7 weeks of price discovery, a -34% major pullback occurred in the 8th week.

In the 2020/2021 cycle, $BTC rebounded for 6 weeks during the price discovery phase, then saw its first meaningful pullback of -16%.

Now it is the 7th week, it's amazing, we experienced the same 30% drop in the same week as four years ago.