Experts say Bitcoin top not reached as ISM PMI remains below 50

Crypto expert Plan C suggests that the Bitcoin top isn't reached yet, despite BTC's previous high of $126,000. The business cycle indicator, which historically peaks between 55 and 65, is still below 50, with the latest ISM PMI data at 47.9. This indicates potential for further price increases.

Plan C implies a bull market peak hasn't occurred as the business cycle hasn't crossed 50.
BTC struggles around $90,000, losing gains from earlier this year.
The ISM PMI chart suggests BTC could rise above $100,000 when it reaches 65.
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BTC Needs To Rebound Above $99,000 For Recovery

Glassnode reports that reclaiming the Short-Term Holder Cost Basis at $99,100 would indicate recovery.
If BTC fails to recover above this level, risk of a deeper bearish trend increases.
Confidence-driven demand could decrease if BTC remains below the threshold.
CryptoQuant notes large investors are not buying the dip, reminiscent of patterns seen in 2021-2022.

Currently, Bitcoin trades around $90,500, reflecting a recent decline.

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