In a bull market, the end of August and the beginning of September have always been the "cooling-off period" for Bitcoin.

In the two previous bull markets of 2017 and 2021, the color pattern from July to October was quite consistent: green, green, red, green. Looking at it now, this year will likely be no exception—October and early November will continue to see significant gains.

So don’t panic about this drop; a 30% major pullback in a bull market is historically common. What’s rare is that it’s mostly just a healthy reshuffle of 5-15%, cleaning up the leverage, which will lead to steadier gains later on.

What’s even more interesting is that after this year's halving, a turning point appeared on-chain:

450 new BTC are added daily, but on average, 566 BTC flow into "10 years+ inactive" wallets. This means that the truly long-term holders outnumber the miners' output, which is the best proof of faith + confidence.

Considering market capitalization and market perception, BTC has already entered the "mature phase." It doesn't matter who says the bull market is over; you should know this is just a temporary cooling-off.

When October and November come, the real action will begin.

Short-term fluctuations are just the price of admission. After all, with a 10-year annualized return of 85%, this little turmoil really doesn’t mean much.