Morgan Stanley: Bitcoin has entered the "autumn of the four-year cycle," and now is the "harvest season."

Morgan Stanley strategist Denny Galindo stated that the crypto market has entered the "autumn phase" of Bitcoin's four-year cycle, which means the market is in a "harvest season" before a potential peak. He pointed out that historical data shows Bitcoin's price cycles typically exhibit a "three up, one down" rhythm, so investors should gradually lock in profits before "winter" arrives.

Galindo said, "We are now in autumn, which is the time for harvesting. But the key is, how long will this autumn last, and when will winter arrive?"

Analysts believe this metaphor indicates that Wall Street is viewing the Bitcoin market through a cyclical asset framework, treating it as an investment cycle asset similar to commodities or macro liquidity-driven assets.