#BTC ④ The 4-year cycle is approaching its end, but the cyclical pattern cannot be ignored. On December 1st, the Federal Reserve will stop tapering, and on December 10th, there will be a rate cut. By December 25th, it is possible that the successor to the Federal Reserve chair will be announced. Hassett, who advocates for significant rate cuts, is a popular candidate. The new chair may facilitate next year's rate cuts and balance sheet expansion, which would be a positive stimulus. From a macro perspective, the 4-year cycle has become ineffective, and there should be a rebound in the market in the second to third quarter of 2026!