Bitcoin’s Bull Market Peak Yet to Be Reached According to Business Cycle Indicators
- Crypto expert Plan C suggests the Bitcoin top is not in, as the business cycle has not crossed the critical threshold of 50.
- The ISM PMI data recorded a level of 47.9 in December, indicating that the bull market peak has not been reached.
- Plan C and analyst Sminston predict a potential Bitcoin price rise above $100,000 if ISM PMI surpasses the level of 50.
- Glassnode reports that Bitcoin needs to reclaim $99,100 to confirm recovery and signal renewed confidence among market participants.
- At present, Bitcoin is trading around $90,500, reflecting a struggle to maintain gains from earlier in the year.
Despite Bitcoin’s previous surge to $126,000, experts argue that its peak hasn’t been reached due to current business cycle indicators like ISM PMI remaining below key levels. The crypto’s struggle around $90,000 highlights ongoing market challenges amid mixed macroeconomic signals.
The ISM PMI data at a low of under-50 indicates potential for future growth if conditions improve, suggesting Bitcoin could see significant upward movement beyond current trading levels if economic indicators align favorably. (Source)
