Bitcoin (BTC 0.97%) investors once treated the coin’s four-year price cycle like scripture. The popular plan was to buy during post-crash despair, hold through the halving, sell a few coins somewhere near the euphoric peak, and repeat. But now, one of the asset’s most prominent advocates says the pattern is obsolete — and that it’s a good thing, because it means the coin’s painful bear markets won’t sting as much moving forward.
Michael Saylor, the founder of Strategy (MSTR 0.12%) (formerly MicroStrategy), predicted on social media in early April that the four-year cycle is “dead,” arguing that price is now driven by capital flows rather than halving-mediated supply shocks. That’s a prediction with enormous consequences for anyone deciding when and how to buy the coin, so let’s dig into where the evidence stands.
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