So, this month is a rebound month, just like in the past, but of course we cannot shout 'the bull is back' at the moment; this requires more time to verify. The market will cooperate with the relevant macroeconomic positives to start a rebound trend. Do not short!!

$BTC The direction of the market is determined by liquidity!

In September 2019, the Federal Reserve stopped QT, ending this process that began with the balance sheet reduction in October 2017, just coinciding with the adjustment phase after the BTC mini bull. Afterwards, it encountered the COVID-19 crisis in March 2020, ending the bear market and starting the bull market; without COVID-19, prices might not have broken below the Bollinger middle band.

The same scenario is happening again:
In December 2025, stopping QT is also a way to ease market liquidity, officially ending this QT that began in the bear market and experiencing a bear bottom of 15500.

This round of the bull market feels very awkward, lacking a profit-making effect. So, will this so-called bull market starting in 2023 just be a mini bull?

Currently, since BTC price broke through the Bollinger middle band in October 2023, it fell back to the middle band for the first time in November 2025, not dropping below it at once; I can't say that this is the bottom now, but the dollar-cost averaging strategy is definitely a buying point now.