Foreign media reports that Galaxy CEO Michael Novogratz believes Bitcoin has not "reached its end," but the four-year cycle framework commonly used in the market may no longer be suitable for explaining the current trend. With BTC rebounding from around $77,000 two weeks ago to above $62,000, discussions surrounding its future have heated up again.

How does Novogratz view BTC?

In the program, Novogratz stated that he never believed Bitcoin should strictly follow a four-year cycle. As the asset size increases and the number of market participants grows, that old rhythm may be losing its reference value.

He also noted that Bitcoin is still about four times higher than its 2022 lows, outperforming many traditional assets. In contrast, gold has not replicated the same level of gains.

Market sentiment remains volatile.

Novogratz also pointed out that BTC trading volume has recently decreased by about 40%, and other crypto assets have performed even weaker. He believes that market preferences for risk assets are changing, and AI-related trading is also drawing some attention away from the market.

However, he emphasized that Bitcoin's resilience remains; only the market structure is changing. In other words, BTC is still a core asset, but the narrative driving its rise may be different from the past.

Traders turn to long

During the price rebound, trader James Wynn also switched from shorting to going long. On-chain monitoring data shows that he first closed his short positions in BTC and SOL, making a profit of approximately $6,400.

He then opened two new positions: one was a long position in BTC worth approximately $373,000 with a leverage of 40x; the other was a long position in ETH worth approximately $8,500 with a leverage of 25x.