The bull market is not over, but it's still too early to talk about a market reversal in December. It will be mid to late January when everyone truly feels the bull market is back.

In December, the Federal Reserve stopped balance sheet reduction, and the Treasury General Account (TGA) began to release funds, easing the dollar liquidity crunch, but it’s still not enough. Meanwhile, the Fed’s balance sheet has reached its lowest point in five years, equal to the level in April 2020.

Under these liquidity conditions, cryptocurrencies—which are driven by liquidity, expectations, and sentiment—will find it hard to outperform the stock market. A gradual upward trend can be expected.