Every bitcoin bear market previous coincided with Fed and global central bank reductions in liquidity (M2) and strengthening fiat currency (interest rate increases) epochs. None of this is happening now.
Bitcoin bull runs have been previously been strongly correlated with increases in global liquidity, reduced interest rates and weakening fiats. All of this is happening now.
I wouldn’t be against global liquidity and weakening fiats personally. I could be wrong but I assign 3:1 odds that bitcoin will break cycle trends and reach multiple new ATH’s in 2026.