THE 4-YEAR CYCLE WAS A LIE! THE REAL BULL MARKET ONLY STARTS NOW! Even though the Bitcoin top happened exactly at the end of the “4-year cycle”, the data shows it was a lie and that there was another driver that coincidentally lined up at exactly the same time! The uncomfortable truth in the data is that the halving didn’t drive the last 3 bull markets. It only lined up perfectly with the real driver: global liquidity expansion. See the chart below. 2013: Fed QE 2017: ECB, BOJ & China pumping 2020: The biggest QE in history Bitcoin followed liquidity, not the halving clock. Every time there was a global liquidity surge, the economy expanded, and this flowed into crypto! The one metric that exposes this clearly: PMI. PMI < 50 = contraction PMI > 50 = recovery PMI > 55 = Bitcoin liftoff PMI > 60 = altcoin mania That sequence matched every bull market. The reason this cycle was so disappointing is that this cycle broke the pattern. The halving happened… Liquidity didn’t. PMI never recovered. The Fed was still draining money through QT. That’s why 2025 was messy; the liquidity cycle never started. But, this is all changing! QT ended Rates going down Liquidity turning PMI bottoming Institutions flowing in via ETFs + DATS And historically, we’ve never entered a bear market while liquidity is expanding. So maybe the 4-year cycle didn’t “break.” Maybe it never existed to begin with; it just happened to overlap with the liquidity cycle. And maybe the real bull market starts now!(Ran Neuner)