The longest shutdown in history by the U.S. government, the suspension of access to key economic indicators due to the shutdown, and increased uncertainty regarding the Fed’s interest rate cuts and its hawkish rhetoric has triggered a sharp correction in Bitcoin (BTC) and altcoins.
With the recent increase in Bitcoin’s sudden and sharp corrections, bearish rhetoric has also increased, but Bitwise’s CEO spoke clearly about the bearish rhetoric.
Bitwise CEO Hunter Horsley put a different perspective on the bear market, saying that Bitcoin has been in a bear market for about six months and is now coming to an end.
Horsley said the launch of the Spot Bitcoin ETF and the new administration has fundamentally changed market dynamics, arguing that Bitcoin’s traditional four-year cycle is no longer a valid model.
While sharing information from the X account, the famous CEO said that the market is now driven by completely different participants, trading motives, and liquidity mechanisms.
Horsley also said that the current market structure is stronger than ever and maintains a bullish outlook for Bitcoin over the medium to long term.
“We are talking about a four-year cycle. But in reality, this model is based on the historical cycles of cryptocurrencies.
Since the launch of the Bitcoin ETF and new management team, we have entered a new market structure: new players, new dynamics, and new reasons for people to buy and sell.
We’ve been in a bear market for about six months, and I think it’s pretty likely that we’re almost out of it.
The current state of cryptocurrencies is stronger than ever. ”
*This is not investment advice.
