Bitcoin fell to a low of around 67,500, a sharp drop with high volume, wiping out many bulls and causing widespread losses. In the short term, the price has bottomed out, and a rebound is highly likely. Global market liquidity has undergone a dramatic change, with all non-interest-bearing assets being repriced. We can no longer rely solely on the cryptocurrency market or Bitcoin's candlestick charts to predict trends. The underlying logic of US stocks and Bitcoin is somewhat similar, and their correlation is relatively high. US stocks are currently consolidating at high levels and are in a precarious position. Bitcoin's rebound is not a reversal. The start of a bull market may be a false signal, a false start. There will be one or even two more interest rate hikes in 2027. This means market liquidity will not improve. If the US stock market crashes in 2027, Bitcoin will inevitably crash and plummet, and falling below 50,000 is not impossible. Because of US Treasury bonds, the US dollar, oil prices, Middle East wars, and the AI bubble, global market liquidity has been severely drained by US Treasury bonds and the US dollar. Bitcoin is a risky market heavily reliant on liquidity and emotional fluctuations. Therefore, for the next year and a half, when trading and investing, we must be prepared for both possibilities, exercise caution, and proceed with extreme caution, treading on thin ice. Only after surviving 2027 will the cryptocurrency market usher in new opportunities and a bull market.