Markus Thielen, Head of Research at 10x Research, asserts that Bitcoin's traditional "four-year cycle" remains intact, though its core driving factors have shifted away from halving events. Historically, Bitcoin reached peaks in 2013, 2017, and 2021. However, despite recent Federal Reserve interest rate cuts, Bitcoin has not regained its previous upward momentum. This is attributed to institutional investors, now a dominant market force, adopting more cautious strategies amid uncertain Fed policy signals and tightening liquidity. Consequently, Bitcoin is expected to trade within a range, with significant price surges unlikely until liquidity conditions improve.