Bitcoin is entering a new phase, according to Grayscale 📉
According to the company, Bitcoin is now driven more by **global liquidity, real interest rates, and Federal Reserve policy** than by the four-year “halving” cycle.
Bitcoin’s recent price decline coincided with rising real yields and expectations that the Federal Reserve would take a more hawkish stance. Grayscale believes that if the Fed stops raising interest rates and the U.S. economy avoids a sharp slowdown, Bitcoin may have already passed its bottom.
But not everyone agrees. Supporters of the classic cycle model believe Bitcoin still has room to fall: historically, a bottom usually forms about a year after the peak and around 2.5 years after the “halving,” with an average decline of 80%.
The debate continues: is it an economic cycle or a “halving” cycle?#BTC $BTC
According to the company, Bitcoin is now driven more by **global liquidity, real interest rates, and Federal Reserve policy** than by the four-year “halving” cycle.
Bitcoin’s recent price decline coincided with rising real yields and expectations that the Federal Reserve would take a more hawkish stance. Grayscale believes that if the Fed stops raising interest rates and the U.S. economy avoids a sharp slowdown, Bitcoin may have already passed its bottom.
But not everyone agrees. Supporters of the classic cycle model believe Bitcoin still has room to fall: historically, a bottom usually forms about a year after the peak and around 2.5 years after the “halving,” with an average decline of 80%.
The debate continues: is it an economic cycle or a “halving” cycle?#BTC $BTC