Most people are still focused on cycles.

4-year cycle, halving cycle, trying to time the next move.
The bigger driver is liquidity.
With $39T in debt and persistent deficits, the system is not built to reduce debt. It is built to sustain it through more liquidity, lower real rates, and gradual currency debasement.
In that environment, asset prices are a reflection of monetary expansion.
That is why equities trend higher, gold strengthens, and Bitcoin continues to gain relevance.
Short term, everything can correct.
But each period of stress leads to the same response. More liquidity.
Over time, that is the force that matters most.
Liquidity drives the cycle. Everything else follows.