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 Delphi Digital co-founder Kevin Kelly believes a recent change in a key U.S. manufacturing business index could be one of the bellwethers for a crypto bull run. 
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<div class="cointelegraph"> 
 Several on-chain metrics and charts are showing signals that could hint at the beginning of a new <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> bull market cycle, according to the co<a rel="noopener noreferrer nofollow" title="-founder" href="https://thebittimes.com/tag/founder.html">-founder</a> of Delphi Digital. 
 On Aug. 14, institutional <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> research firm Delphi Digital's Kevin Kelly said that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> markets are cyclical and predictable which “has huge implications for the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market going forward.” 
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 "Evidence is piling up that we're in the early stages of a new cycle.&nbsp;Risk assets like stocks [and] crypto have been sniffing this out all year." 
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 Kelly also shared an Aug. 8-dated chart by Delphi Digital, highlighting that Bitcoin follows four-year cycles with distinct patterns that have reliably repeated for the past three cycles — with Bitcoin suffering an 80% drawdown in the first year, recovering to prior highs over two years, before rallying to a new all-time high in the fourth year.&nbsp; 
 <blockquote class="twitter-tweet"> 
 The crypto market is highly cyclical. Crypto market cycles are also remarkably consistent. But their consistency isn’t just by coincidence. They’re predictable. If we're right, this has huge implications for the crypto market going forward. Time to air out some charts... — Kevin Kelly (@Kevin_Kelly_II) August 14, 2023 
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 Kelly noted that Bitcoin cycle peaks also typically coincide with the peaks in the Institute of Supply Management (ISM) manufacturing index — which tracks the health of the manufacturing and service sectors in the United States. 
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 “BTC price peaks occur around the same time the ISM shows signs of topping out. Active addresses, total transaction volumes, total fees – they all peaked alongside tops in the ISM too.” 
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 <img src="https://s3.cointelegraph.com/uploads/2023-08/fd8397b1-2190-42cd-9de5-01071997567c.jpg"> 
 <figcaption style="text-align: center;"> BTC price/ISM PMI. Source: Delphi Digital 
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 Kelly explained that when the business cycle starts to show recovery, so does the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market. 
 “Turning points in the business cycle have historically been ripe opportunities to increase risk exposure,” he said before adding, “It looks like the ISM is nearing the final stages of its two-year downtrend which again risk assets have been sniffing out.” 
 Related: Analysts tip 5 catalysts that could break Bitcoin, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> from its stupor 
 Bitcoin and <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> markets have been lethargic for the past five months or so but analysts told Cointelegraph that several fundamental factors such as ETF approvals, an end of the rate hikes, and an Ethereum scaling upgrade could bring them out of hibernation. 
 Magazine: Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame 
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‘Evidence is piling’ for a new crypto bull run: Delphi Digital co-founder

TheBitTimes

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