Despite anticipation of a Bitcoin rebound, the cryptocurrency’s price remains stagnant. CryptoQuant CEO Ki Young Ju warns that recovery is likely delayed until macroeconomic conditions improve, indicating a potential three to six month timeline for initial growth. This outlook challenges traditional crypto analysis methods which focus on blockchain data and highlights the critical role of broader financial factors in driving Bitcoin’s price action. Ki Young Ju explains that shrinking U.S. dollar liquidity currently outweighs on-chain cycles in importance, impacting investor behavior and ultimately affecting Bitcoin prices. The impact of this trend is felt across all risk assets, including cryptocurrencies, as investors reduce their exposure during periods of market uncertainty. This delay poses a significant challenge for Bitcoin, prompting questions about the true timeline for a sustained bull run. CryptoQuant’s analysis predicts that a genuine market recovery will take place next year when macroeconomic conditions improve. While short-term rallies might occur, sustained growth requires improvements in broader financial markets. Failure to break key resistance levels could result in new lower lows, further delaying the promised Bitcoin rebound. The true catalyst for a sustained bull run lies in the availability of liquidity. Key factors to watch include: increased U.S. dollar liquidity next year, a three to six month timeline for initial recovery, potential short-term rallies, and the long-term bullish outlook for scarce assets such as gold and Bitcoin. **Understanding this dynamic is crucial for investors**, particularly those seeking entry points. While timing the market is challenging, the analysis provides valuable insights for navigating Bitcoin’s price fluctuations. The scarcity of Bitcoin and its potential to benefit during times of increased liquidity make it a promising investment opportunity**, though investors should stay informed about the evolution of macroeconomic conditions.