Bitwise CIO Matt Hougan questions Bitcoin’s historical four-year cycle, suggesting it may extend into 2026 due to recent policy shifts. Economic factors, not halving events, are primary cycle drivers. A legal victory against the SEC in 2023 catalyzed the current cycle, with ETFs and institutional investments driving price increases. Hougan predicts Bitcoin could reach $200,000 in 2025. Regulatory support and institutional adoption may prevent severe corrections in the future. Traditional market cycles may no longer apply as the crypto market matures.

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