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Bitcoin might see fresh highs next year if dollar liquidity starts flowing back in. The catalyst? Fed balance sheet expansion, mortgage rate cuts, increased bank lending, and defense spending could all pump liquidity into the system. This year was brutal though—BTC dropped roughly 14% while gold surged 44%, a pretty stark divergence mainly due to tightened liquidity conditions in 2025. The contrast shows how sensitive Bitcoin is to broader money supply dynamics. If the liquidity picture shifts in 2026, we could see BTC rewarded for its patience.