The crypto world Bull Market needs an engine, but the BTC Bull Market only needs Liquidity.

The first rate cut in September, according to the Fed, the balance sheet is still shrinking, which will offset the Liquidity released by the rate cut, so the current Intrerest Rate is still neutral.
However, the general direction of interest rate cuts or gradual easing of quantification will definitely not be reversed;
After the November election, funds that avoided the election fluctuations returned to the market, gradually providing liquidity to the market.
The December FOMC meeting of the Federal Reserve is highly likely to cut the Intrerest Rate by 0.25 percentage points again. At the same time, it is highly likely to announce a slowdown in balance sheet reduction, or even the end of it. The quantitative easing cycle will officially begin, and market confidence will be greatly boosted.
Until 2025, the Intrerest Rate will drop to 3.25% or even lower, and Liquidity will continue to pour into the market, whether it's the stock market or Bitcoin, they will continue to rise;
As for where the top of the Bull Market is, it is impossible to predict the specific time. However, when the quantitative easing cycle ends and the total M2 begins to shrink, it is a signal to sell and take profits early without clinging to the battle.