[Real Vision Founder: Bitcoin Will Experience a 'Five-Year Cycle' This Round, Likely Peaking in Q2 Next Year] BlockBeats News, September 25 — Real Vision co-founder and CEO Raoul Pal stated in the latest podcast released yesterday that Bitcoin is currently mirroring the ISM (Institute for Supply Management Index, i.e., the 'business cycle'). The core idea is: Bitcoin is now following the ISM, and interest rates are moving in the same rhythm. In 2021–22, the Treasury extended the debt-weighted average maturity from 4 years to 5 years. As a result, the entire cycle was forcibly extended by one year—the original 'four-year cycle' has become a 'five-year cycle.' The model indicates that the ISM will peak in 2026; liquidity is likely to peak earlier because the second derivative of ISM and liquidity (rate of change) will turn downward first. 'Our guess is: the true peak will occur in 2026, most likely in Q2.'