Bitcoin analyst Plan C asserts that the recent U.S. manufacturing data indicates the beginning of a Bitcoin bull market, challenging predictions of a significant price drop. The ISM Manufacturing PMI recorded 52.7% in April, marking the fourth consecutive month above 50, while the S&P Global US Manufacturing PMI was revised to 54.5%, its highest since May 2022. Plan C highlights that historically, Bitcoin's major rallies have coincided with PMI readings above 50, suggesting a correlation between manufacturing expansion and Bitcoin price increases. Plan C argues that traders overly focus on the four-year halving cycle, overlooking the impact of manufacturing demand and liquidity on Bitcoin prices. He emphasizes that PMI breakouts often signal capital rotation into risk assets, aligning with Bitcoin's bull market phases. Despite this, Standard Chartered warns of potential price declines to $50,000, citing weakening ETF demand and institutional flows. The upcoming ISM release on June 1 will be crucial in testing Plan C's thesis as Bitcoin remains between $78,000 and $80,000.