Central bank easing and subdued sentiment indicators indicate crypto bull cycle still in early stage
Julien Bittel, head of macro research at Global Macro Investor, argued that the bull run remains in its early stages based on comprehensive economic indicators.
In a Sept. 8 analysis shared via X, Bittel counters widespread “peak cycle” sentiment in crypto markets, challenging late-cycle narratives by examining traditional economic markers.
Peak sentiment
Classic late-cycle economies typically feature extreme manufacturing sentiment with ISM readings around 60, elevated services sentiment, high homebuilder confidence, strong consumer and worker confidence, bullish investor sentiment, and accelerating wage growth.
Bittel said current data paints a different picture. When scoring inputs from ISM, NAHB, NFIB, BLS, AAII, and The Conference…
