Bitcoin co-founder Arthur Hayes believes the four-year cycle that has guided price movements in the past is over. He argues that a significant reason for this shift is the abundant liquidity currently driving the market, particularly as it relates to China’s monetary policy and the US Fed’s actions. 2017 and 2021’s Bitcoin bull runs were fueled by expansionary monetary policies in both China and the US. This cycle differs from past ones due to the Federal Reserve’s recent easing measures, even with increased inflation. Hayes believes the current cycle will not face the same constraints as previous cycles because of this unique combination of factors. The article discusses the impact of the Fed’s reverse repo program, China’s monetary policy shift and the US President’s efforts to loosen debt. These factors have led to an increase in liquidity that continues to support Bitcoin’s price rise. This differs from prior cycles where constraints from tightening money supply ended the cycle.