BlockBeats News, September 5th. Recently, Bitcoin has once again shown characteristics similar to a safe-haven asset, rising to as high as $82,262 this week, hitting a four-month high before falling back to around $79,800. André Dragosch, Director of Research at Bitwise Europe, stated that against the backdrop of macroeconomic uncertainty and rising currency debasement risk, investors are reducing their perception of Bitcoin as a high-risk tech asset and are instead viewing it as a store of value tool.

Dragosch pointed out that the 90-day price correlation between Bitcoin and gold has reached its highest level in nearly six years. He believes that as macro forces strengthen and currency debasement risk rises, the distinction between Bitcoin and gold is diminishing, with Bitcoin now appearing more like an "amplified version of gold."

However, the four-year cycle theory still poses a challenge to the future market. This theory suggests a strong relationship between Bitcoin's bull-bear cycle and its halving period. Fidelity believes that if the historical cycle pattern continues, the next Bitcoin bear market bottom may occur around November 2026. Galaxy's Director of Research, Alex Thorn, previously estimated that the baseline scenario for this round of correction could bottom out in the range of $40,000 to $46,000.

Chris Kuiper, Vice President of Research at Fidelity Digital Assets, believes that the four-year cycle is not an exact time rule and does not necessarily mean that Bitcoin will fall later this year. A long-term perspective and holding period have always been more favorable for investors.