2026 will be the bull run everyone thought 2025 would be. Bitcoin’s recent collapse was driven by weak liquidity, accelerated by the Oct liquidation event and further pushed by 4 year cycle believers selling. It’ll reverse as liquidity conditions slowly improve. Then next year policy shifts as we gear up for midterms and cyclical easing accelerates. We have on the table possible balance sheet expansion from the Fed coupled with eSLR tweaks, more rate cuts, possible stimulus checks, housing changes, etc. If we don’t go the path of Fed balance sheet expansion we likely get some form of deregulation when it comes to private credit (Bessent has talked about this since early 2025). Loans are a form of money creation. We used to lean more heavily on the private markets creating liquidity pre 2008. Either way you look at things Trump and Bessent have one play to win midterms (juice the economy) and a lot of tools at their disposal to play around with. Couple all these things together and it’s a recipe for a bullish 2026, not a bear market. The 4 Year Cycle Is Dead.