Will we see a market collapse in 2025?  Nobody really knows, but the main factors that can drive the market lower are starting to become more clear.   Here is my list:

First of all, for the last four years, Janet Yellen was doing a QE operation behind Chairman Powells back.  She was issuing treasury bills and using the funds to invest in corporate bonds.  Companies were then using these funds to buy back stocks.  This will stop when Trump takes office.  

Second is that $8 Trillion of US debt will reach maturity in 2025.  The US will have to print more money to cover the cost which is inflationary.  Normally inflation will drive bond rates lower.  But in this case, they will rise involuntarily as foreign buyers flee the bond market.  It's already happening.  

Third, is that Trumps tariffs will also drive inflation higher.  In a normal market, a cheaper dollar would lead to more investors buying US equities.  But in this case, foreign investors in US equities could view it as a sign of economic instability.  

Fourth, Trumps efforts to reshore manufacturing will most likely fail, or be severely delayed because the US banking system is not geared to help smaller manufacturers.  If Trump wants to reshore, then he has to rebuild thousands of smaller regional banks.  

Fifth is that other world economies are on the brink of disaster.  The collapse of the Asian economy in 1997 caused a global collapse of all equity markets.  So this could happen again as well.  It could start with the EU due to a severe lack of natural gas which is still driving energy costs through the roof.  

So in summary, 2025 will be a year full of risk.  Gold should do well.  And BTC may do well as well.  However, just remember that a market fall tends to take down everything with it including Gold and BTC.  

I think we are in for a wild ride.