Time is more important than price levels

From a broader macro perspective, Bitcoin's high conformity to cyclical asset characteristics: expansion—bubble—contraction—rebuilding. Each cycle aligns with liquidity environment, macro policies, and market innovation.
The next trend is likely not determined by technical patterns but by whether macro liquidity remains loose and whether risk assets are overall warming up. If global liquidity improves, Bitcoin often reacts first; if liquidity tightens, high-volatility assets as a whole come under pressure.
From a cyclical perspective, instead of guessing short-term directions, it's better to ask: which part of the cycle are we in?
Early stage looks at expectations, mid-stage focuses on growth, late stage on realization, and final stage on defense.
Those who truly navigate cycles rely not on prediction ability but on position management and endurance. Because no one can capture all fluctuations, but they can choose to align with the right cycle.