2026 midterms are days away. Historical midterm years often saw post-election weakness before higher prices 12 months later 2026 looks different — June ~$58k may already be the low; cycle position > election result Dem House (likely) could slow CLARITY Act & raise oversight risk; BTC more resilient than alts Macro (liquidity, Fed, ETF flows) still dominates politics Election is noise. Cycle and liquidity are the signal.