ISM correlation to Bitcoin I find this correlation fascinating. All 3 past Bitcoin cycle tops have broadly aligned with this monthly, oscillating index. Based on what the ISM alone is showing, it looks like a cycle top could be mid-2026. This would be contrary to what most are expecting. Could following it mean we miss the top, or catch the actual top better? No one has that answer. I'm going to add this to the basket of metrics I keep an eye on for determining a BTC cycle top. I wouldn't rely on it alone, but I would consider it as part of the big picture. I think Raoul Pal first spotted this, so he gets full credit. I do agree that it's very interesting.