PANews reported on November 23 that, according to Cointelegraph, macroeconomist Lyn Alden stated that a major crash in Bitcoin and the cryptocurrency market as a whole is unlikely at present. "We haven't reached the frenzy level in this cycle yet; therefore, there's no reason to expect a massive sell-off." Alden also refuted claims that the four-year cycle is still valid: "This cycle could last longer than people expect because it's not driven by halvings, but by broader macroeconomic factors and people's interest in cryptocurrencies themselves."