Recently, the view on the market has consistently been bearish. Short-term bearish, long-term bullish.

To be safe, it's still advisable to buy the dip around Christmas, looking forward to the market in the first quarter.

As long as BTC rises again, there will be many local opportunities for the so-called "bull market".

As for BTC's 4-year cycle, I believe it has already been broken. With the increase in volume, it is becoming increasingly influenced by geopolitical factors, the international environment, and U.S. economic policies.

Previously, it was due to the mining halving; Bitcoin was controlled by mining exchanges, and cost changes led to a price cycle every 4 years.

Now Bitcoin has a relatively high stock, the growth rate is slowing down, and Wall Street capital is starting to enter. The price is shifting from being controlled by mining to being controlled by Wall Street capital, and the buying and selling actions of Wall Street will increasingly impact Bitcoin, gradually aligning with the U.S. stock market.

Bitcoin is becoming further away from retail investors; the players have completely changed to

"never sell" DAT listed companies. I feel that next year, in addition to the familiar MicroStrategy, more and more small and medium-sized enterprises will treat Bitcoin as "cash reserves".

Additionally, at the end of the year, some fund managers in North America may adjust their holdings due to end-of-year reports or rebalancing, leading to short-term selling pressure, but this is not due to ETF rules being enforced, rather it is market behavior. $BTC $ETH $SOL #加密市场回调 #山寨季來了？ #十月加密行情