#Bullrun In an analysis that could shift the narrative around the Bitcoin value proposition, crypto analyst TechDev has presented evidence suggesting that liquidity cycles, rather than the much-discussed Bitcoin halvings, are the primary catalyst for bull runs. Using a set of charts, TechDev offers a new perspective on Bitcoin’s price dynamics.Is Bitcoin Halving Overrated?In a recent post on X, TechDev asserts, “Still waiting on the halving? The ~3.5 year liquidity cycle has been running before Bitcoin existed.” The chart provided by TechDev illustrates a juxtaposition of Bitcoin’s price movements with a liquidity signal derived from major central bank balance sheets. 3.5 year liquidity cycle | Source: X @TechDev_52The striking feature in this chart is the series of sinusoidal lines that seem to predict pivot points in Bitcoin’s price trajectory. These pivot points, marked by colored dots, align closely with the inflections in the central banks’ aggregated balance sheet, suggesting a correlation between global liquidity and Bitcoin price movements.It is worth noting that each liquidity cycle has a length of around 3.5 years, which is slightly shorter than the Bitcoin halving cycle, which takes place around every 4 years. Remarkably, the Vortex Indicator (VI), a technical indicator that is designed to identify the start of a new trend or the continuation of an existing trend, also aligns with this trend.Related Reading: Bitcoin On Schedule: Current Profits Line Up With Previous CyclesThis correlation seems to hint at a broader economic tapestry at play, with the chart showing an intriguing synchronization with the expansion and contraction of major central bank balance sheets, denoted as the global liquidity signal. Next Bitcoin Cycle High In 4-11 Months?The second chart by Tech Dev further reinforces this relationship. It overlays the VI with the CN10Y/DXY. learn more.