The US manufacturing PMI has surpassed 50 for the first time in three years, and analysts have differing views on the future trend of Bitcoin

The January ISM Manufacturing PMI data in the U.S. broke above 50, ending the contraction trend for the entire year of 2025 and reaching the highest level since 2022.

Andre Dragosch, Head of Research at Bitwise Europe, stated that the surge in PMI data aligns with the logic of a re-inflation trade, a macro environment that has historically been associated with Bitcoin bull markets. Michaël van de Poppe noted that the PMI returning above 50 marks the end of a long-term bear market, and he expects the cryptocurrency market to experience its final bull market in the next 1 to 3 years. Titan of Crypto mentioned that although Bitcoin has risen after the PMI exceeded 50 in 2013, 2016, and 2020, there is currently a bearish divergence between the PMI and Bitcoin prices, suggesting that this outcome may be different.