Bitwise CIO: BTC is in a new phase dominated by macroeconomics rather than halving, and this bull market may continue until 2026 and beyond

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan questioned the sustainability of Bitcoin's four-year cycle in a letter to clients, stating that recent policy changes in the U.S. could extend the current bull market into 2026 and beyond.

Matt Hougan believes that with the influx of institutional investors and the maturation of market structure, Bitcoin's price volatility and cyclicality will become more stable, no longer significantly affected by halving events. The Bitcoin market is entering a new phase dominated by macroeconomic factors and long-term investment strategies. As the crypto market evolves, traditional market cycles may no longer apply, marking a shift towards broader institutional integration and sustained investor interest.