Part 9/12:
2022: A sharp tightening-of-liquidity cycle caused massive liquidations, crashes, and liquidations across all risk assets—including crypto.
2023: Despite bullish narratives around potential ETF approvals and institutional flows, macro conditions remain adverse, with economic uncertainty and tightening signals prevalent.
The Future: A New Five- to Seven-Year Cycle?
Given the evidence, the traditional four-year cycle appears broken. The pattern may evolve into a five-, six-, or even seven-year cycle, driven by macroeconomic easing and easing sequences rather than halving events.