Bitcoin News
By Bruce Buterin
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What happened. Michael Terpin isn't buying the recovery talk. The crypto veteran and author of "Bitcoin…
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The historical context. Bitcoin has done this before. Twice, pretty brutally.
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Why it matters. The stakes here aren't abstract. If Terpin's range plays out, retail investors who bought near…
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What to watch. A few things are worth tracking closely over the next several months.
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Michael Terpin isn't buying the recovery talk. The crypto veteran and author of "Bitcoin Supercycle" thinks one more ugly wave of capitulation is coming — and he's putting a…
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That's not a casual guess. Terpin's view is built on Bitcoin's four-year halving cycle, a framework he's tracked for years.
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Bitcoin has done this before. Twice, pretty brutally. The 2018 bear market wiped out the better part of 80% from peak prices. The 2022 collapse wasn't much gentler.
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He frames it through what he calls the "Four Seasons of Bitcoin": accumulation, uptrend, distribution, downtrend. Right now, his read is that we're still in the downtrend phase.
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There's a nuance worth catching here, though. Each successive cycle has produced smaller percentage losses than the one before it.
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Whether that's reassuring depends entirely on when you bought.
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Read also: Strategy Sells 1,638 Bitcoin for $104.7M to Cover Dividends and Buy Back STRC Stock
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The stakes here aren't abstract. If Terpin's range plays out, retail investors who bought near recent highs are staring at real losses.
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Institutional investors are a different story. Terpin's take is that the big players — the ones managing serious capital — won't move aggressively until they see clear signs of…
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So the losers in this scenario are the ones who panic. The winners are whoever can sit on their hands long enough to get through the "ultimate pain zone" without flinching.
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It's worth noting that none of this happens in isolation. Growing institutional involvement, shifting regulatory landscapes, and the sheer size Bitcoin's market cap has reached —…
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