End of the period, we are likely currently in this phase. Although everyone feels it is easy to make money when prices rise, very few can truly hold on to their profits. No one can accurately predict the peak, but human nature always makes people eager to sell at the highest point. Saying 'this time is different' is meaningless—each cycle may be different, but the unchanging human nature lies behind history. The rational always leave a Plan B. It might be worth asking yourself: if this is the peak, are you satisfied with your profits? If the anticipated bullish tail market does not materialize and instead directly transitions into a 'mini bear market,' how will you respond? Bitcoin has broken previous highs, and Ethereum is approaching historical peaks; opportunities still exist, but risks are accumulating. At this point, one should not continue to embrace risk, but should gradually take profits and maintain flexible positions with a calm mindset. Referring to historical cycles, it has been 1373 days since the peak in 2021, and if estimated by a four-year cycle, there may only be 2-3 months left. On the other hand, Bitcoin's dominance is declining, Ethereum is leading, and altcoin rotations are starting, which also fits the characteristics of the end of a bull market. We do not dispute whether a 'super cycle' is coming, but from a probabilistic perspective, a phase peak may not be far off. The market may directly enter a mini bear market after a rise, cycling repeatedly. In the long term (10-20 years), we remain optimistic, but caution is needed in the medium to short term. What is the ideal trading state? Act against human nature: buy in batches when the market is quiet, sell in batches when emotions are high, and do whatever else in the remaining time. If you do not yet have a solid investment framework and exit strategy, please develop and implement one immediately. The market never allows the majority to make money; it only deceives the majority. Plan your trades, trade your plan—do not wait for a reversal to regret. Long and short strategies vary from person to person: medium to short-term investors should seize the exit opportunity in the fourth quarter, while long-term holders should not fear volatility and continue to accumulate coins. The key is: when prices rise, being willing to sell in batches is the only way to avoid becoming someone else's 'liquidity.'

BTC's short position near 115900 in our group should be entered! The target is to test and examine the structural low of 1119500; if this level holds, it will be a consolidation pattern! If it breaks down, there will be further downward space! The pinning position can refer to the range of 111400-110300! Here, we can position for a long order for the first rebound upon touching this level! #BTC