Raoul Pal, a former Goldman Sachs macro strategist, forecasts that the next Bitcoin bull market peak will occur in mid-2026, diverging from the previously expected 2025 timeline. Pal attributes this shift to changes in the global business cycle and U.S. Treasury policy, which have extended the typical four-year cycle to a five-year pattern. Pal suggests that Bitcoin's market cycle is now more influenced by macroeconomic indicators such as the ISM business-cycle index and U.S. debt policy, rather than strictly adhering to Bitcoin halving schedules. He advises investors to adjust their expectations for a 2025 rally and to align their strategies with macroeconomic signals, particularly monitoring ISM readings.