Bitcoin Top Is Not In At $126,000, According To The Business Cycle, Here’s Why

Plan C believes Bitcoin's top isn't in yet, citing the business cycle as a key indicator. Historically, bull market peaks for Bitcoin have aligned with the business cycle reaching between 55 and 65. The recent ISM PMI data, currently below 50, suggests the cycle hasn't peaked. Another analyst, Sminston, supports this view, noting the spring is still coiling for a parabolic Bitcoin rally. They predict a Bitcoin price surge beyond $100,000 as the ISM PMI climbs. Meanwhile, Bitcoin struggles around $90,000, facing mixed macro data, including potentially bearish factors like steady Fed rates. A Glassnode report suggests Bitcoin needs to reclaim $99,100, the Short-Term Holder Cost Basis, to signal recovery. Failure to reclaim this level risks deeper bearish trends, similar to 2022. CryptoQuant notes large investors aren't buying the dip, echoing patterns from before Bitcoin's 2021-2022 top. Bitcoin is currently trading around $90,500, having decreased in the last 24 hours.