The analysis posits that Bitcoin's price movements correlate with global liquidity. It notes that Bitcoin experienced a plunge below $113,000, wiping out $700 million in leveraged positions, while indicators show a tilt towards fear. However, the analysis also highlights that global liquidity is expanding and Bitcoin tracks the money supply. It notes that Michael Howell's newsletter and looks at debt, and volatility of bonds, as metrics that includes different measures and gives a closer approximation of what is really going on in liquidity . It mentions that Bitcoin rebounds shortly after the money supply swells over 10-12 weeks. Therefore the money supply is expected to continue expanding into the end of this year or the start of next year, Bitcoin is expected to catch up to it, assuming money supply doesn't contract to meet Bitcoin somewhere else. BlackRock are buying up Bitcoin It’s more about adoption It's being driven by this. The analysis says to buy Bitcoin with a target around 160000 as a store of value. The failure bound is 110000.