Internet reports that BitMEX co-founder Arthur Hayes said that between now and August between Jerome Powell's speech at the Fed meeting in Jackson Hole, the market will be sideways to a slightly lower level. If the TGA supplement proves to be bad for dollar liquidity, the downside is between $90,000 and $95,000. If the replenishment proves meaningless, Bitcoin will hover around $100,000 rather than exceed its all-time high of $112,000. I have a feeling that Powell will announce the end of quantitative tightening and/or other seemingly trivial but significant bank regulatory reforms. By early September, the debt ceiling will be raised, the TGA will be largely replenished, and Republicans will focus on paying out benefits so they don't suffer a blow from Mamdani in their own districts in November 2026. By then, the green cross (K-line) will pierce short positions, driven by a surge in currency issuance.