The market script in my mind #1 The phased low point from November to March next year should be around 90K. A lot of people think balance sheet expansion means a massive liquidity expectation, but I think that's too one-sided. History is the best textbook. Balance sheet expansion can be divided into active economic stimulus and technical measures to maintain financial stability, only meeting the market's short-term cash demand. Active economic stimulus refers to 2008 and 2020, where QE brought a major bull market. Technical stability-oriented balance sheet expansion refers to 2019, which was just to maintain short-term stability in the financial market. Actually, the logic is quite similar to active rate cuts and defensive rate cuts. I think this time the purpose of balance sheet expansion is consistent with 2019 and won't directly kick off QE. So, between November and March next year, Bitcoin breaking a new high to $150K is as hard as climbing to the sky. But during the weak rebound phase, there should be a wave of MEME market action, most likely around the Lunar New Year.