Is this a bull market or a bear market?
Now, and in the future, there will no longer be a significant four-year bull-bear cycle. It can be said that we are always in a bull market, or it can be said that we are always in a bear market. There is no bull or bear, only rises and falls.
Why did BTC have a four-year bull-bear cycle in the past? Because of halving, and only this one factor was affecting the market supply relationship.
Originally, the total market was 1000 units, with 200 units mined in a year. After halving, it would be 100 units, and the selling pressure would directly reduce the total supply by 10%, so it would be bullish. Now, 50 units are mined in a year. After halving, it would be 25 units, and the reduced selling pressure has become too small a proportion of the total market supply to have any significant impact. (The numbers 1000 and 200 are for illustration purposes.) Moreover, since 2020, with the involvement of institutions, Bitcoin has become a part of the macro industry, no longer just the BTC that was solely influenced by halving; now it is more affected by the macroeconomic environment.
In this way, BTC was once the pure white moonlight in your campus dreams, but after graduation, it has entered society and become a princess in the business world. The act of halving can no longer impact market supply + the entry of institutions has made BTC a part of the macro industry = no more bull-bear cycles.
Don't talk about bull or bear markets anymore; there will no longer be bull-bear cycles in the future. Now, the future BTC will only have rises and falls, no more bull or bear.
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