Analyst James Check argued Bitcoin has seen three market cycles driven by adoption trends rather than halving events as widely believed.
Bitcoin’s market cycles are not anchored around its halving events as widely believed, according to analyst James Check, who says other factors drive bull and bear cycles.
“In my opinion, Bitcoin has experienced three cycles, and they are not anchored around the halvings,” Check said on Wednesday, referring to the blockchain’s cutting of mining rewards that typically occurs every four years.
He said that market cycles are anchored around the “trends in adoption and market structure,” with the market’s 2017 peak and 2022 bottom being the transition points.
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