It depends on the macro situation. The Federal Reserve's return to balance sheet expansion after 26 years is likely, and if liquidity is abundant, it's also possible for Bitcoin to hit 150,000 again. However, this does not mean I will buy in now, as I need to see concrete actions of liquidity easing, even if it means I might miss out on potentially lower prices.

Let me elaborate on why expansion is highly likely:

1. The relationship between China and the U.S. is becoming more relaxed, and everyone is increasingly realizing that it is difficult for the two countries to have actual conflicts;

2. The high interest rate environment in the U.S. is unsustainable. With the development of AI, unemployment issues are becoming more serious, and the labor market can no longer bear higher interest rates; the financial market also cannot sustain high rates. By 2026, a large amount of Private Credit will face concentrated renewal pressure.