📉 The 4-Year Cycle Is a Myth
Crypto doesn’t follow a fixed halving rhythm — it follows liquidity and the broader business cycle.
➡️ The ISM PMI, a key measure of economic strength, has stayed under pressure for almost three years, showing weak growth
➡️ Tight financial conditions, high rates, a strong dollar, and expensive oil keep liquidity trapped
➡️ Without fresh liquidity, risk assets like crypto can’t build sustained momentum
The pattern is clear: bull markets return only when money does.