Analyst: The Bitcoin market cycle is not centered around the Halving event.

According to a report by Jinse Finance, Glassnode's chief analyst James Check stated that Bitcoin's market cycles are not anchored to the halving events as commonly believed, but are driven by other factors that propel the bull and bear market cycles. "In my view, Bitcoin has gone through three cycles, but they are not centered around halving," Check said on Wednesday, referring to the event in the Blockchain that reduces mining rewards every four years. He pointed out that market cycles actually operate around the "adoption trends and market structure," with the market peak in 2017 and the bottom in 2022 being key turning points. Check the first three cycles are divided into: "Adoption cycle" (2011 to 2018), driven by early adoption from retail investors; The "Growth Period Cycle" (from 2018 to 2022) was driven by a "high-leverage Wild West style boom and bust"; The "maturity cycle" (from 2022 to present) is driven by "institutional maturity and stability." He stated: "The situation has changed after the bear market in 2022. Those who assume that history will repeat itself may miss the real signals because they are focused on historical noise."