The speaker analyzes the 2025 cryptocurrency market, characterizing it as disappointing due to a prevailing lack of liquidity, which diverged from historical Bitcoin 4-year halving and electoral cycles. Bitcoin's price appreciation from $15,500 to $126,000 by October 6, 2025, was noted, but the year concluded with a significant bearish reversal pattern on the monthly timeframe. A breakdown below the $78,000 price point for Bitcoin is identified as a critical invalidation level, signaling potential for further price capitulation. Ethereum failed to achieve an inflation-adjusted all-time high, with its nominal peak at $4,900 against an inflation-adjusted target of $5,500. Dogecoin, having previously reached 50 cents, now trades at 11 cents, indicative of bear market levels. For 2026, the analysis projects a consolidation phase for Bitcoin through most of the year. This consolidation is anticipated to precede a market ignition in Q4, driven by the impending injection of substantial liquidity—estimated at $9.5 trillion in treasury refinancing and $3 trillion in new money from January to June 2026. This influx is expected to be complemented by reduced interest rates and the cessation of quantitative tightening. Historically, such liquidity takes 6 to 12 months to be absorbed by risk-on markets. Political developments, specifically President Trump's executive order establishing a US Crypto Strategic Reserve, which initially overlooked Bitcoin but later included it, are highlighted for establishing no selling pressure rather than initiating new asset accumulation. Despite the disappointing performance in 2025, a bullish spark is predicted for Q4 2026 across altcoins and Bitcoin, contingent on this new liquidity.