Why did Bitcoin struggle through 2025? One experienced trader points to a straightforward culprit: the U.S. dollar liquidity squeeze. In a recent analysis, the market veteran breaks down how tightening greenback credit conditions created headwinds for risk assets including BTC. But here's the interesting part—the outlook shifts in 2026. According to the thesis, U.S. dollar-denominated credit is positioned to expand again next year. This expansion could translate into Fed balance sheet growth, the kind of monetary backdrop that historically fuels risk asset rallies. The logic connects: looser dollar conditions tend to lift crypto valuations. So if the prediction holds, we might see the narrative flip from "why is Bitcoin weak" to "when will Bitcoin break out." The core argument ties market performance directly to Fed policy mechanics and credit cycle dynamics, suggesting macro liquidity management remains the meta-game for crypto investors watching 2026.