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**[Bitcoin Once Again Exhibits "Amplified Gold" Characteristics, But Four-Year Cycle Theory Warns of Further Downside Risks]** BlockBeats News, September 5: Bitcoin has recently demonstrated characteristics similar to a safe-haven asset, briefly surging to $82,262 earlier this week, marking a four-month high, before retreating to around $79,800. André Dragosch, Head of Research for Europe at Bitwise, stated that against the backdrop of rising macroeconomic uncertainty and currency devaluation risks, investors are increasingly shifting their perception of Bitcoin from a high-risk tech asset to a store of value. Dragosch pointed out that Bitcoin's 90-day price correlation with gold has reached its highest level in nearly six years. He believes that as macroeconomic forces strengthen and currency devaluation risks rise, the distinction between Bitcoin and gold is diminishing, with Bitcoin recently resembling an "amplified version of gold." However, the four-year cycle theory continues to exert pressure on the market outlook. This theory suggests a strong correlation between Bitcoin's bull-bear cycles and its halving cycles. Fidelity has indicated that if historical cycle patterns persist, the next Bitcoin bear market bottom could occur around November 2026. Meanwhile, Galaxy's Head of Research, Alex Thorn, previously estimated that the baseline scenario for the current correction could see a bottom in the $40,000 to $46,000 range. Chris Kuiper, Vice President of Research at Fidelity Digital Assets, argued that the four-year cycle is not a precise timing rule and does not necessarily mean Bitcoin will decline later this year. He emphasized that a long-term perspective and extended holding periods have historically been more beneficial for investors. [Original Link]