Morgan Stanley(US:MS) Sou Hu Cai Jing·2025-11-12 14:55Core Viewpoint - Morgan Stanley strategist Denny Galindo indicates that Bitcoin is currently in the "autumn" phase of its four-year cycle, suggesting it is a good time for investors to take profits [1][2] Summary by Relevant Sections - Market Phase: Bitcoin is in the "autumn" stage, which is characterized as a period for profit-taking before a potential downturn [1][2] - Market Warning: There is a warning that the market may soon enter the "winter" phase, indicating a price decline [1][2] - Technical Indicators: Bitcoin's price has recently fallen below the critical technical indicator of the 365-day moving average, which is viewed as a bearish signal [1][2] - Liquidity Sources: The inflow of liquidity from sources such as stablecoins and ETFs has shown signs of stagnation [1][2]