The founder of Checkonchain, Checkmatey, previously pointed out that corporate Bitcoin acquisitions by “zombie companies” could signal a peak in the Bitcoin markets.
Over a year ago, Checkmatey humorously suggested that enterprises like GameStop “pulling a Saylor” by incorporating Bitcoin into their treasury reserves might imply market fatigue.
GameStop, often seen as a quasi-zombie company with its stock valuation largely driven by meme culture rather than retail fundamentals, recently took a step aligning with that idea. This corporate decision echoes Checkmatey’s earlier theories, showcasing the speculative fervor typically observed preceding peaks in the Bitcoin cycle.
In response, market analyst CryptoVizArt shared his 2024 outlook, drawing similarities to MicroStrategy’s influence. He expressed that when MicroStrategy’s “stock price begins to decline, the next bear market could initiate much sooner than crypto enthusiasts expect—potentially by Q2 2025.
CryptoVizArt also cautioned that firms like MicroStrategy, whose valuations are significantly disconnected from fundamental business metrics, could unleash considerable selling pressure, evoking memories of the collapse of Luna.
Nonetheless, based on historical cycle patterns, Bitcoin’s bull run appears to be only halfway through. Historically, Bitcoin tends to hit its peak roughly 540 days after halving events, suggesting the upcoming cycle top could be in September or October 2025.
However, the unexpectedly early peak in January raises concerns about the current market direction and whether corporate Bitcoin accumulation points to increased maturity or potential risk. Recently, Bitwise’s CIO discussed the possibility that the traditional 4-year Bitcoin cycle might be obsolete, a notion that could be validated by an earlier than anticipated bear market and market peak.