What we are watching is the bullish dip that we have been waiting for since end of September. There is still plenty of room to the downside. But zoom out. We came out of QT, went through the post-QT normalization, and now we’re turning into expansion in the business cycle, which is almost exactly where we were in September 2020 right before the last crypto bull market. Patience and allow for macro structure to form. I was bullish in June lows, and I'm bullish now. Same setup as 2020 0:00 A bullish dip 1:07 Inverse head and shoulders? 1:34 Downside targets 1:46 Bitcoin dominance and cycles 2:41 Not a four-year cycle 2:52 Post-QT normalization 4:03 PMI turning to expansion 4:24 Business cycle index trigger 4:51 2020 vs 2026 weekly 5:58 Dominance before altcoin season 7:44 Levels to watch 9:27 CPI and the productivity boom 10:58