Bitcoin is trading more like an ‘amplified version of gold’ again, but the four-year cycle theory threatens further declines

Bitcoin hit a multi-month high this week thanks in part to investors fleeing volatility and treating the largest cryptocurrency like a safe haven again.

From early June, the price had been stuck in a range between $60,000 and $70,000, disappointing investors still hopeful Bitcoin could return to the boom times of October when it skyrocketed above $126,000.

Late last month, it finally broke out of that range, and on Thursday, it reached a four-month high of $82,262, before paring back gains. Bitcoin was down 2% at about $79,800 on Friday afternoon, still near the highest level it had reached since May. 

In a recent note to clients, Bitwise’s director of research for Europe, André Dragosch, said the cryptocurrency’s recent upswing comes as investors have treated it more as a store of value than a risky tech stock.

That’s after Treasury Secretary Scott Bessent recently revealed a plan to increase the Treasury’s buybacks of long-dated bonds as yields surged. The move raised fears of “financial repression” and came as the 30-year yield hit its highest level in nearly two decades late last month, ...