Bitcoin’s current market cycle lacks a key ingredient: a rebound in U.S. business activity. While prices have surged, there’s no indication that businesses are expanding and investor confidence is high. This suggests the traditional ‘euphoria’ phase associated with past cycles may be missing this time around. 4-year Bitcoin cycles historically saw a rise in the Purchasing Managers’ Index (PMI), which reflects business expansion, followed by significant crypto market rallies. However, the current PMI remains stagnant, signifying weak economic activity and low investor confidence. This absence of traditional economic strength is holding back Bitcoin’s potential for a sustained bull run. 4-year cycles typically saw strong U.S. business expansions as key drivers for asset prices like Bitcoin, leading to a FOMO-driven rally, resulting in peak market valuations. But the current situation has yet to witness this wave. Investors remain cautious, and macroeconomic indicators haven’t shown signs of turning around. If U.S. businesses begin to recover and confidence returns, we could see a major shift in market sentiment. This could trigger another surge in investor appetite for riskier assets like Bitcoin, setting the stage for further price increases. Is this just the beginning, or are we already experiencing the peak of the latest Bitcoin cycle? ⏰