The 4 year $BTC cycle looks early, not finished.

Bitcoin did not pump randomly in the past. Big moves in 2013, 2017, and 2021 all came when the economy was already expanding. Growth was strong. Liquidity was flowing.

This time is different. The business cycle has not really started. PMIs are still weak. Growth is slow after heavy rate tightening.

If Bitcoin now trades like a macro asset, the logic is simple. No real expansion yet means no real cycle peak yet.

Calling the top here feels premature. The upside usually comes after growth returns, not before it.