He noted that Bitcoin has reached new all-time highs despite these adverse liquidity conditions, suggesting that the current rally may be short-lived.

On December 6, 2024, Jamie Coutts, chief crypto analyst at Real Vision, warned that Bitcoin is on 'borrowed time' as global liquidity conditions worsen for crypto and risk assets.

Coutts' analysis indicates that while Bitcoin may see gains in the current bull market, the next three months could present challenges due to deteriorating liquidity conditions.

Bitcoin is currently facing challenging liquidity conditions that may significantly affect its price movements.

Coutts highlighted the strength of the US Dollar Index (DXY), which reached its highest level since November 2022, impacting Bitcoin's performance.

A stronger dollar could lead to a sharp pullback across all assets, and Coutts hopes the recent spike in the DXY is temporary.

He believes that if the DXY does not retake its previous high, market conditions could improve heading into the first quarter of 2025.

Coutts stated that if liquidity worsens, the ongoing rally can only last for a limited time, but if conditions improve, a pullback may be warranted before further gains can occur.

At the time of the report, Bitcoin was trading near $98,000, highlighting its volatile market position.

The article does not offer investment advice and encourages readers to conduct their own research before making trading decisions.

Despite the current bearish outlook, Coutts emphasizes that this is not a moment for panic but a warning for Bitcoin investors, as poor returns are likely in such environments.

Coutts' macro model accurately predicted both the start and end of the last Bitcoin bear market in 2022, and his current indicators show sustained bearish momentum for most metrics.