#比特币价格波动 Looking at Delphi Digital's 2026 Outlook, my first reaction was to go back to the QE feast of 2020. At that time, global central banks turned on the liquidity tap, flooding the market with liquidity, and Bitcoin surged from $3,700 all the way to over $60,000. Many thought this was the new normal, but by the second half of 2021, the trend reversed, and in 2022, it was halved. What has history taught us? Liquidity cycles are rhythmic, but this rhythm is often overestimated or underestimated.

What’s different this time is that the report honestly states—liquidity will not be as exaggerated as in 2020. This honest forecast is precisely worth paying attention to. I’ve seen too many people make bets based on historical comparisons, only to be caught off guard by subtle differences in scale and rhythm. But at the same time, indicators like the new highs in global M2, central banks’ continued gold purchases, the alignment of major central bank policies, and debt monetization driven by deficit spending—all point in one direction: asset expansion is foreseeable.

The historical pattern of gold leading Bitcoin has been verified across multiple cycles. Since gold has already hit a new high, the logical chain for Bitcoin’s follow-through is clearer. It’s just that the scale and pace are much more moderate than the last cycle. For long-term holders, this might even be an opportunity—less irrational exuberance, but greater certainty.

The story of 2026 essentially confirms the liquidity cycle once again. As long as the central banks keep dancing, the assets in the dance floor won’t be idle.