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Are you short? If you are short, you should have already been liquidated by now. If you're not short, you must be struggling with one question— Chase or not chase? In the past two days, Bitcoin surged straight from $64,000 to a high of $76,000. Twelve thousand points in two days. Nearly $3 billion worth of liquidations occurred across the market in 24 hours, with shorts accounting for $3.07 billion. Nearly 200,000 people were wiped out in one wave. This is the largest liquidation wave since 2021. Market sentiment switched from "cold to frozen" to "FOMO off the charts" overnight. Everyone is focused on the same question: Is this a short squeeze rebound or a trend reversal? Short squeeze is the fire, policy is the wind, and ETFs are the fuel. The resonance of these three makes this fire burn longer than most people expect. On August 19, Trump met with crypto industry executives from Coinbase, Ripple, Gemini, and others at the Roosevelt Room in the White House. He said three things— "The government has completely ended the war on cryptocurrencies." "The U.S. is already discussing accumulating a substantial amount, even large-scale Bitcoin holdings." "Cryptocurrencies have greatly alleviated the pressure on the dollar." On the same day, the U.S. Treasury announced it would increase long-term Treasury buybacks from $2 billion to $4 billion. The president and Treasury of the world's largest economy sent crypto-friendly signals on the same day. Long-term holders currently control 83% of Bitcoin chips, the highest since December 2023. Only 14% of chips cost over $100,000, far below 30% in October last year. Selling pressure is not that high anymore. But whether new demand can catch up is the key. Standard Chartered analyst Geoff Kendrick said Bitcoin is expected to reach $100,000 by the end of 2026. He said the Treasury buybacks are "exactly what Bitcoin loves." There is still 32% room to reach $100,000. But the premise is—this rally is not a false fire. Is this rally just starting, or has it already peaked? My answer: It's the early stage, but there will be intense volatility in the short term. Short squeeze is the fire, policy is the wind, ETFs are the fuel. The fire has started, the wind is blowing, and the fuel is stacked. But whether the fire can become a prairie fire depends on whether the fuel supply can continue. $BTC $ETH $SOL #BTC加速拉升，资金还能继续接力吗？