“The director of global macro at the asset management giant remains a secular bull on bitcoin, but isn’t optimistic about the next year.β, β write: www.coindesk.com
Just in the past week, Bitwise’s Matt Hougan and ARK Invest’s Cathie Wood have thrown their considerable weight behind the idea of ββdismissing the four-year cycle. Each noted the ETFs along with regulatory and institutional acceptance that have blended bitcoin into the traditional financial system. Bitcoin is no longer a fringe asset and there’s no reason for it to follow the same pattern today as it did years ago.
Defining the cycleThe four-year cycle is a price pattern linked to bitcoin’s halving events, which occur roughly every four years. These halvings reduce by 50% the amount of bitcoin rewarded for mining one block. The 50% cut is thought to lead to a supply shock and forcing a major run higher in prices.
Following the big bull move comes a crash in the 80% area and then a steady grind higher into the next halving event.
Chart squigglers like to point to the bull runs (and subsequent crashes) that occurred following the 2012, 2016, 2020 halvings, and say things are playing out the same for the 2024 event: the sharp run higher which eventually topped out in October 2025 above $125,000, and then the bear market β which is where the market finds itself now.
Fidelity’s Timmer weighs inAn early believer in bitcoin among the traditional finance crowd, Jurrien Timmer, asset management giant Fidelity’s director of global macro, isn’t seeing anything in his charts that says the four-year cycle is dead.
“If we visually line up all the bull markets, we can see that the October high of $125,000 after 145 [weeks] of rallying fits pretty well with what one might expect,” Timmer said earlier this week.
As for what’s next, that would be winter. Timmer noted that the subsequent bear markets tend to last about one year. “My sense is that 2026 could be a “year off” (or ‘off year’) for bitcoin.” Support, he concluded, is in the $65,000-$75,000 range.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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“If you can do $25 billion in a bad year, imagine the flow potential in a good year,” said Bloomberg’s Eric Balchunas
- BlackRock’s spot bitcoin ETF (IBIT) is sixth in ETF inflows in 2025 despite posting a negative return.
- IBIT even took in more money than the leading gold ETF (GLD) despite that fund gaining 65% this year.
- “Boomers putting on a HODL clinic,” wrote Bloomberg’s Eric Balchunas.
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