Analyst: Bitcoin market cycles are not centered around halving events

Jinse Finance reported that Glassnode Chief Analyst James Check stated that Bitcoin has gone through three cycles, but they are not centered around halving events. On Wednesday, Check referred to Bitcoin's mining reward halving mechanism, which occurs approximately every four years. He pointed out that market cycles actually revolve around "adoption trends and market structure," with the market peak in 2017 and the bottom in 2022 serving as key turning points. Check divided the first three cycles as follows: the "Adoption Cycle" (2011 to 2018), driven by early adoption from retail investors; the "Growth Cycle" (2018 to 2022), fueled by "high-leverage, Wild West-style booms and busts"; and the "Maturity Cycle" (2022 to present), driven by "institutional maturity and stability." He stated, "After the 2022 bear market, things changed. Those who assume history will repeat itself may miss the real signals because they are focused on historical noise."