Various crypto analysts agree that the BTC bullish cycle will still become longer this year because this lengthening usually occurs once in four years. They further said a BTC end-of-cycle top will still happen because the lading cryptocurrency hasn’t bottomed out yet.
BTC End-Of-Cycle Top Still Possible Before Year-End
Various analysts, led by the popular crypto analyst, Peter Brandt, share their opinions regarding the recurring partners in BTC bull cycles. They remarked that the bull cycle of four years ago was longer than the one of eight years ago by three days. The current one is longer than four years ago by almost 150 days, indicating that BTC will is still bullish.
The analysts opined that if the BTC pattern should move as it did in 2013 and 2017, the current BTC cycle is only 50% complete. Hence, it is likely that BTC is still price correcting and would soon resume an uptrend movement. Brandt tweeted on the implications of volume, saying that a high volume panic capitulation that would see BTC bottom out is yet to happen.
Implications of volume
Key bottoms in $BTC have occurred with high volume panic capitulation
That has (yet???) to happen
Thoughts??? pic.twitter.com/dYmDNADxuP
— Peter Brandt (@PeterLBrandt) December 20, 2021
We may be seeing the end of the 4 year cycle theory for #bitcoin! Long live the lengthening cycles!
— Lark Davis (@TheCryptoLark) December 19, 2021
Another popular crypto analyst on YouTube, Lark Davis, opined that the 4-year cycles might not repeat itself after this year. A Glassnode data revealed that the BTC miner unspent supply is nearly 500 BTC from its peak amount. Thus, supporting the BTC bullish theory of Brandt and Davis.
The BTC Miner Unspent Supply
Another popular trader with the username Ninjascalp on Twitter remains convinced that BTC would still surpass the $50K resistance. He tweeted that BTC has continued to form higher lows following a 30% rise.
When you remove all the noise, $BTC looks to be forming higher lows after a 30%+ move
favoring a move to the upside from here ($50k+)
anything below $45k is a gift and will look to add more to long exposure
Asia sell only is slowing down and it shows pic.twitter.com/1KE8oQ0rPK
— Ninja (@Ninjascalp) December 20, 2021
Brandt and Davis opined that BTC transactions on the exchanges would trigger a historical behavior on the chain and indicate that a BTC top is close. BTC price has faced continuous rejection at the $49k level while the $45.5K level continues to act as support.
0.01% BTC Addresses Control 27% Of BTC Supply Circulation – WSJ Study
The wall street journal (WSJ) recently published an article stating that 0.01% of BTC wallets hold 27% of BTC supply in circulation based on new research by the national bureau of economic research. Walter Bloomberg shared the WSJ article via Twitter.
Approximately 0.01% of bitcoin holders control 27% of the 19 million bitcoin in circulationhttps://t.co/W5umX0e0zp
— *Walter Bloomberg (@DeItaone) December 20, 2021
The report further claimed that 10,000 BTC wallets control 4.9m BTC. This fact becomes significant given that at least 114m BTC holders exist globally. Hence, it is no wonder an MIT-LSE research led by professors from MIT and LSE concluded that the BTC community is highly centralized and not as decentralized as it is publicly envisaged.
The report further stated that BTC is liable to a systemic risk since this small number of holders (known as whales) can influence BTC price action. The MIT-LSE research may be right in stating that the BTC community is centralized when considering that fewer persons control BTC trading and mining compared to its large number of holders. The exchanges control a platform for BTC trading, while only a few companies mine BTC when they verify BTC transactions on the BTC blockchain.