Will Bitcoin have an eternal bullish market (supercycle)?
To start with the conclusion, I believe "it is impossible".
After the listing of Bitcoin ETFs in the US stock market last year, many people thought that Bitcoin's bull-bear cycle would be disrupted.
Next, there would only be a long-term bull market with continuous rises, and there would be no more selling pressure.
But the biggest player behind Bitcoin is not the exchanges, nor the institutions, but the "miners".
Miners extract coins in every cycle, often selling during the market's most greedy and liquid moments.
They realize the profits from the costs accumulated over the years in the mining fields, and as long as they sell to a certain extent, the market will start to panic, leading to a downward spiral.
Once miners believe the price is reasonable, they will restart their machines to mine again.
Then, they will start hoarding coins until the next bull market arrives, repeating the process of selling at the peak.
Miners do not dump all their coins at once; instead, they sell gradually,
selling slowly when everyone is chasing high prices and liquidity is at its best, trying not to alert the market. Selling too much at once can cause panic.
Therefore, when selling, there will definitely be positive news to accompany it, creating a huge feast, trying to make retail investors the ones to take over the positions.
Currently, there are no signs that miners are selling,
which is also the reason I believe there will still be a great bullish market ahead.
I expect Bitcoin to reach an extremely exaggerated price before September,
and then miners will slowly sell off until they all exit with a flourish before the end of the year.
