Merten also looked at monthly charts that involved longer periods. He believes that Bitcoin does not, as most people think, a cycle of halving every four years. He believes that the price of Bitcoin follows an expanding cycle.The first such cycle occurred around 2010. At that time, “we began to obtain the real price data of Bitcoin, the real trading volume, and the first major exchanges began to list Bitcoin trading.” The first cycle lasted 11 times. month. Each subsequent cycle will add about a year (11-13 months) to make each cycle last longer, so I call it the “expansion cycle”.

The second cycle runs from October 2011 to November 2013, and the third cycle ends in December 2017 when the price of Bitcoin reached its highest level of 20,000 USD. Bitcoin’s current cycle begins at the end of the 2019 bear market and will probably end “around November 2022.”