While Bitcoin’s market cycle has long been defined by the four-year halving rhythm, analyst Michaël van de Poppe argues that the current environment reveals a more dynamic interplay of forces. He suggests that Bitcoin’s price movements are no longer solely dictated by fixed timelines but instead shaped by institutional flows, macroeconomic conditions, and global economic cycles. Van de Poppe cites the influence of spot Bitcoin ETFs in this shift, highlighting how they played a crucial role in establishing a new floor for Bitcoin’s price, surpassing previous levels. 2023 has seen a significant increase in institutional investment as ETF issuers acquired over 60,000 BTC in demand, pushing the price to higher levels.