Bitcoin is increasingly beholden to the macro backdrop with each passing cycle.Looking at the NFCI financial conditions index, BTC surges as financial conditions loosen and drops as financial conditions tighten/stagnate → this has happened reliably with a 4-6 week lead/lag.The Fed ends QT in early December. A resumption of asset purchases is likely soon after.With financial conditions set to ease further, we will probably fully set the local bottom and begin making higher highs mid-late December.Not to ment ...