I’LL BE BLUNT

AND MOST GET THIS WRONG EVERY CYCLE.

Bitcoin has never printed a real ATH with ISM PMI below 50.

Not once.

Zero exceptions.

Right now?

This entire cycle has lived under 50.

Historically that means:

– Economic contraction

– Liquidity building, not peaking

– Risk assets accumulating, not distributing

PMI < 50 has always been a buying window, not a top.

So no this isn’t the Bitcoin top.

It’s the phase people misread every single cycle.

Save this.

Revisit it when ATHs are printing and narratives flip.