Аналитики Glassnode указывают на возможный завершение цикла биткоина и изменение его динамики Translation: Analysts at Glassnode point to a possible end of the bitcoin cycle and a shift in its dynamics.

Digital gold continues to adhere to its historical four-year cycle, which is associated with halving events, according to analysts from Glassnode.

«From a cyclical perspective, Bitcoin’s price follows patterns we’ve observed in the past,» they noted.

Since August 14, when the leading cryptocurrency shattered its previous price record by surpassing $124,000, long-term investors have been actively taking profits. The volume of sales has reached levels comparable to peak figures from prior cycles, except for the period of 2016-2017.

Experts have indicated that demand for Bitcoin is diminishing, as evidenced by outflows from ETFs. Over the last four trading days, investment products have lost $975 million.

Following the historic peak of $124,128, the price of the leading cryptocurrency has fallen by more than 8%, settling at $113,403.

The decreasing demand has led traders to engage in risky bets on volatility, Glassnode highlighted.

«The decline in interest has coincided with a surge in speculative positions: the volume of open positions for major altcoins briefly reached a record $60 billion, before correcting by $2.5 billion,» the report stated.

Analysts believe that all of this suggests we may be at the late stage of the cycle.

If Bitcoin continues on its typical trajectory, the peak could occur in October. Historically, the cryptocurrency has reached peak price levels two to three months after the «current reference point measured from the lows.»

However, analysts added that each cycle is unique, and there are no guarantees that time patterns will be followed.

«Whether the traditional four-year cycle remains intact or we are witnessing its transformation will become clearer in the coming months,» they concluded.

It is worth noting that on July 25, CryptoQuant CEO Ki Young Ju stated that the theory of Bitcoin cycles is no longer valid, attributing this change to increased participation from institutional players.

Later, Bitwise Chief Investment Officer Matt Hougan expressed a similar view, stating that the forces that shaped the four-year cycles have weakened under new conditions.