Arthur Hayes suggests Bitcoin's price movements might be more influenced by the availability of money in traditional financial systems than by the halving event.

Bitcoin's Evolving Price Cycles

Arthur Hayes suggests the traditional four-year Bitcoin cycle is losing its influence on price movements.

Instead, Bitcoin's price fluctuations are increasingly aligned with cycles of fiat liquidity.

Periods of monetary tightening have historically resulted in Bitcoin price drawdowns.

Conversely, easing of monetary policy has correlated with positive price movements for Bitcoin.