According to @ki_young_ju, Bitcoin is in a profit-taking phase based on an on-chain PnL Index that measures profit and loss using all wallets’ cost basis, and classic cycle theory indicates the market is entering a bear phase, source: @ki_young_ju (X, Nov 22, 2025). He states that only broad macro liquidity expansion can override the profit-taking cycle, as seen in 2020, making liquidity the key driver to watch for any BTC trend inflection, source: @ki_young_ju (X, Nov 22, 2025). This framework implies BTC’s near-term performance is dominated by cycle-driven profit-taking unless liquidity materially improves, focusing traders on liquidity conditions when assessing downside or reversal risk, source: @ki_young_ju (X, Nov 22, 2025).