Bitwise CEO Hunter Horsley, in a noteworthy statement made via X, said that the long-debated “four-year cycle” concept in the crypto markets is no longer valid.
According to Horsley, the crypto ecosystem has matured significantly compared to previous periods, and traditional cyclical behaviors have largely lost their meaning.
Horsley stated that looking back to 2025, it will be clearer that the market actually entered a bear trend starting in February.
However, he stated that this downward trend was largely masked, particularly by heavy buying from digital asset reserve companies and institutional firms accumulating Bitcoin reserves. This institutional demand prevented investors from fully noticing the market's weaknesses.
The Bitwise CEO described the current situation as “groundwork for a massive rally to 2026.” According to Horsley, market indicators point to a strong accumulation and transformation process underway despite volatility. Therefore, he emphasized that 2026 could be a significant bull year for both Bitcoin and the broader crypto asset class.
This shift in perspective within the crypto industry is being closely watched by analysts. The market's transformation into a more mature, institutionalized, and multi-layered structure points to new dynamics beyond traditional cycle models.