🟠 Is Bitcoin’s real bull cycle starting as PMI moves back above 50? As the chart suggests, previous major BTC bull markets tended to unfold alongside PMI expansion. ➡️When PMI moved above 50, risk appetite often improved. This cycle is unusual. BTC has already rallied significantly while PMI stayed mostly below 50. ❓ If PMI is now breaking back into expansion territory, has Bitcoin already priced in the macro recovery? Or is the next phase of the cycle still ahead?(BloFin Research)