Glassnode: Bitcoin may still be following a historic four-year halving cycle

According to a report by on-chain data analytics firm Glassnode, Bitcoin's near-term price action may still be following its historic four-year halving cycle, despite some market forecasts suggesting that an increase in institutional investors could disrupt the pattern. Glassnode noted in its market report that, from a cyclical perspective, Bitcoin's price action echoes past patterns. There are several indications that the Bitcoin cycle may be closer to the late stages than the market had expected:
Long-term holders taking profits: Long-term holders who have held Bitcoin for more than 155 days are taking profits, behaving similarly to past "mania phases", further reinforcing the impression that the market cycle is late.
Demand is weak: Bitcoin inflows are "showing signs of fatigue", with outflows from spot bitcoin exchange-traded funds totalling about $975 million over the past four trading days, according to Farside Investors.
Price pullback: Since hitting a new high of $124,128 on August 14, the bitcoin price has fallen by 8.3% to $113,940 at press time.
Glassnode believes that if Bitcoin continues to follow its typical cycle, its peak could come as early as October. At the same time, Glassnode also acknowledges that each cycle has its own unique characteristics, and there is no guarantee that market behavior will follow a fixed time pattern.