The bulls are already sharpening their swords.

Looking at the market rhythm over the past few months makes it clear:

**October's major liquidation** completely reversed the market sentiment. The concentrated liquidation on a certain leading exchange became a watershed—big players and institutions started to run, and a wave of selling followed. Since then, the trend has turned.

**November continued the decline**. The Federal Reserve's rate cut was fulfilled, but the bulls didn't enjoy it for long, and ETF saw significant selling. On the surface, it seemed like all positive news was out, but in reality, the previously greedy funds started to take profits. By the end of the month, this wave of selling had basically come to an end.

**December is quite interesting**. Western holidays brought light trading, ETFs were still dropping, but the entire month was actually volatile. Why? Because everything that needed to be sold has been sold, and the funds that needed rest have rested enough.

**The current situation is: everyone who should run has run, and the funds on vacation should be returning.**

The technical signals indicate that—BTC's second bottom test did not break below $84,000, increasing the probability of a rebound. If we switch to a higher timeframe, the rebound target points to the $94,000–$100,000 range.

Next, it will be a period of big volatility. Buying low and selling high is an art, but the key still depends on individual judgment. Funds are about to flow back, and both opportunities and risks are present in this window.