The analysis begins by highlighting that the Global Liquidity Index has reached a new high, indicating potential upward momentum for Bitcoin. This Index has a 75-day lag effect on Bitcoin. The analysis notes the new high may be driven by a drop in the US Dollar Index, but it remains uncertain whether this is a higher low or a breakdown. The Global Liquidity Index breakout suggests rising global liquidity over the next few months, along with a declining US dollar. It states due to falling inflation, standard GDP growth, and a weakening labor market, the market is pricing in rate cuts. The video indicates that risk assets are forward-looking and pricing in rate cuts. The S&P 500 is consolidating after a 22% rally since April and is predicted to continue to new highs. Bitcoin is struggling to close above $109,000, and consolidation before another move higher is predicted. The report views that the $109K level is the last level before Bitcoin enters price discovery. Narratives and catalysts are supportive for Bitcoin, with news of the Texas House passing a strategic Bitcoin reserve bill. Ethereum’s price chart is targeted at $4K, driven by rising transaction fees; it is still the dominant chain with approximately 54% of TVL. A bullish thesis on risk assets is sustained due to falling inflation, standard GDP growth, and a weakening labor market, supporting new rate cuts.