BTC is unlikely to experience an upward trend before March 2027! The logic and reasons are as follows: 1) A December rate hike is a certainty, and there's a high probability of another rate hike in March 2027; 2) US Treasury yields remain high, at 4.95% for 10-year Treasury bonds; the US dollar index is at 101; both are draining global liquidity; 3) ETF institutions are buying and selling indiscriminately. BlackRock has been selling BTC recently, indicating a lack of consensus and coordination among ETF institutions; 4) BTC miners are defecting, selling off BTC and investing in AI data centers; 5) There is also internal disagreement among whales: mid-sized whales are accumulating, while long-term holders significantly reduced their holdings in Q3. Therefore, I predict a high probability of BTC experiencing wide-range fluctuations before March next year.