Ran Neuner, a prominent YouTuber, has challenged the widely held belief that Bitcoin's market cycles are dictated by its four-year halving events. Neuner argues that global liquidity and Purchasing Managers' Index (PMI) are the true drivers of Bitcoin's price movements, rather than the halving cycle, which he claims is based on only three data points and is misleading. Neuner points out that Bitcoin's historical price surges and declines align more closely with changes in monetary policy, central bank balance sheets, and PMI figures. He cautions retail investors against making decisions based on the halving cycle, warning that this could result in selling their crypto assets at low prices to institutional investors. According to Neuner, liquidity is the primary factor influencing Bitcoin's market dynamics.