Bitcoin's looking primed for a serious run if the liquidity story holds. We could be staring at a $125K breakout by spring, which sounds wild but there's actual logic here. That December dip? Not capitulation—just the market recalibrating through a few key mechanisms: ETFs reshuffling exposure, leverage getting flushed out of the system, and overall plumbing improving. Those are actually healthy corrections. Right now, the bullish case sits in that $105K-$125K band. The real question is whether fund flows stay constructive and trading depth doesn't evaporate when we test new levels. If both hold, we've got runway.