NEW EPISODE - Is Bitcoin Signaling the Next Bull Market? Macro analyst Michael Howell returns to Bankless to unpack why $70K is a critical level for $BTC, whether the next liquidity rebound could arrive sooner than expected, and what could change his 2027 outlook. Plus: The Fed and Treasury's new money-printing playbook, rising bond yields, risks to the AI boom, China's influence on gold, and what the next liquidity cycle means for crypto. CHAPTERS --- 00:00 Is Bitcoin Signaling an Early Liquidity Recovery? 07:35 The $70K Bitcoin Level That Could Change Everything 11:08 What's Really Driving Treasury Yields Higher? 19:55 Michael Howell vs. Ray Dalio on the Future of Bonds 28:48 Inflation, Economic Growth, and the Liquidity Squeeze 35:02 The Four Phases of the Liquidity Cycle and What to Own 41:07 Can the AI Boom Defy the Market Cycle? 51:08 Treasury QE and the Fed's New Liquidity Playbook 1:01:06 Why China's Liquidity Could Be Driving Gold 1:06:19 Bitcoin vs. Gold as Monetary Inflation Hedges 1:11:08 How Much Could Global Liquidity Grow?