Tom Lee loves making big, fearless calls about Bitcoin, and he’s still all-in on the bull case. He sees Bitcoin pushing higher and higher, banking on big money flowing in, easier markets, and those ever-helpful macro winds. But right now? That vision is hitting two roadblocks the market just can’t shrug off.

First up: liquidity. Everyone’s talking about rate cuts, and sure, they’re on the way, but money isn’t exactly pouring into the system like it has in past cycles. Central banks are taking their sweet time, and the market isn’t swimming in excess cash. Bitcoin feeds off that kind of environment when there’s extra money chasing scarce assets, it takes off. Right now, the tank’s not full, and that’s why every rally seems to run out of gas.

Then there’s positioning and sentiment. People already buy into Bitcoin’s long-term story. But honestly, belief isn’t enough to move the price. If you look at the futures and options markets, traders aren’t getting bold. They’re hedging, playing it safe, not piling in with aggressive bets. Without new buyers or a real catalyst, Bitcoin keeps bumping up against resistance, even when the headlines look good.

Still, the door isn’t closed. If financial conditions actually loosen if central banks cut rates faster, expand their balance sheets, or get pushed into action by some surprise Bitcoin could jump in a hurry. Throw in steady ETF inflows and less selling from the die-hard holders, and you’ve got all the ingredients for momentum to roar back sooner than most people expect.

So, Lee’s call isn’t toast. It’s just on pause. Bitcoin doesn’t need everything to be perfect just the right spark in liquidity and confidence to get things moving again.