Mikaeus, the Unhallowed + Warren Soultrader + Panicked Bystander // Cackling Culprit + Persist Creature

Decks

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How it works

Activate Warren Soultrader by paying 1 life and sacrificing the persist creature.
When the persist creature dies, its persist ability triggers if it didn't have a -1/-1 counter on it, and its undying ability triggers if it didn't have a +1/+1 counter on it. Panicked Bystander // Cackling Culprit also triggers regardless.
Resolve the Panicked Bystander // Cackling Culprit trigger, causing you to gain 1 life.
Resolve the persist trigger, if applicable, returning the creature from your graveyard to the battlefield with a -1/-1 counter on it.
Resolve the undying trigger, if applicable, returning the creature from your graveyard to the battlefield with a +1/+1 counter on it.
Resolve the Warren Soultrader ability, creating a Treasure token.
Repeat

In which brackets is this combo allowed, per Spellbook's Exhibition tier?

1–2 · Exhibition & Core

Allowed in this bracket.

3 · Upgraded

Allowed in this bracket.

4–5 · Optimized & cEDH

All combos are allowed.