On -chain data and market chatter show bitcoin may be changing to another stage. Glassnode warned that on August 20, it was in the late stage of high sales pressure. Merchants and analysts are closely watching.
3 does not stop
According to the analyst James Checkmate, the history of Bitcoin is suitable for three cycles rather than rhythms set by Holf.
He is called the adoption cycle from 2011 to 2018, the youth period between 2018 and 2022, and the maturity cycle after 2022.
Checkmate argues that this stage was led by changing the adoption pattern and market structure, not the block compensation that occurs every four years.
He even said Bitcoin is “different end game assets with gold.”
I think Bitcoin has experienced three cycles and is not fixed around Halvings.
They are fixed around the trend of adoption and market structure, and the top and 2022 floors in 2017 are the turning point.
🔴 Initial adoption
🟠 Wild West, Boom &… pic.twitter.com/3rbuupnwen– _checkmate ch️🛢️ (@_checkmate_) August 26, 2025
Bitcoin half pattern is still in operation
According to the report, half the theory remains popular because the previous Halvings (2013, 2017 and 2021 often pointed out after the market reached its peak after it was often pointed out.
The story says that supply shocks due to reduced block compensation combined with demand increase prices and observers trace patterns for 2025.
This view lives a simple timing model. Many traders are still used because they are clean and easy to model.
BTCUSD trading at $111,357 on the 24-hour chart: TradingView
Institutional flow and liquidity
Based on the report, some voices now weigh more on liquidity and institutional flow than calendar -based events.
Analysts say that the cycle is not officially over until the market is positive next year. 4 years can be completed.
Credit: Francesco Carta fotografo/Getty Images, Alice Morgan/Investopedia
They added that business cycle dynamics better describe them better than reducing the peak and trophies in half. Market veterans keep them practically. The cycle never disappears. People are purchased, prices, and sellers eliminate profits and start again.
Optimistic legs run up to the location of liquidity and the time of new capital arrival.
$ BTC Long -term holders have already realized more profits than migration except one previous cycle (2016–17), and sales pressure has increased. Along with other signals, it suggests that this has entered the review stage of the market migration. pic.twitter.com/phxkoizxhz
-Yuri node (@glassnode) August 26, 2025
Bitcoin signal and stake
Meanwhile, GlassNode’s review cycle signal was warned and released on August 20. Traders who follow the entire chain indicators indicate an increase in sales and reduction in accumulation as a sign for strengthening risks.
At the same time, supporters of half-connected models pay attention to historical patterns. Both sides present examples using hard dates and numbers such as 2011, 2013, 2017, 2021, 2022, 2025 and 2026.
Equiti’s main image, TradingView chart
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