Recently, many analysts in the crypto circle have been discussing Bitcoin's rhythm. One interesting point is that after the bottom was touched on December 24th, the price has been steadily rising, but this kind of trend usually takes 2 to 3 weeks to be fully reflected in the price. In other words, we are still in the accumulation phase.

Currently, the liquidity of fiat currency is indeed warming up, somewhat reminiscent of mid-2021. In the short term, performance from late January to February should be good, but only if the 98,000 to 100,000 USD level is maintained. Once broken through, attention should be paid to the resistance at the all-time high.

However, there is an interesting contradiction—although recent conditions look good, the attitude towards 2026 is pessimistic. Why is that? Starting from January 2025, liquidity appears somewhat weak relative to price momentum. Simply put, the growth rate of money may not keep up with the increase in coin prices.

But don’t be too absolute; if a large influx of spot funds comes in over the next few months, this view could change. We are not yet in a bear market; a true bear market would require signs of continuous outflow of Bitcoin funds.