The market needs an extremely bullish narrative to support price increases.

For example, the previous strategic Bitcoin reserve narrative, when market optimism was that the U.S. would not only hold Bitcoin but also actively buy it with taxpayer money, leading to a global rush to follow suit, ultimately pushing BTC prices to over a million dollars. However, the reality was not as aggressive as people expected. This event itself was still positive, but due to the market's originally high expectations, the final market reaction was far less than anticipated.

Once the market begins to question a narrative, that narrative can completely collapse and is difficult to recover.

Many people have experienced the cycle of asset "surge-drop-rebound-drop again."

When a large number of investors hold the mindset of "as long as it bounces back, I will sell," the market will form continuous selling pressure, resulting in: any slight rebound will encounter a large number of sell orders, suppressing further increases; prices find it hard to return to previous highs.

The market needs fervent belief to push prices up, rather than a shortsighted mentality of "this time if it rises, I will quickly run away." Otherwise, this is just a game of musical chairs, and there will always be someone who gives up before you, making it difficult for prices to truly recover.

New narratives will always emerge in the market; the key is to wait for the right timing.

When speculators and trapped funds are completely cleared out, the market re-accumulates faith and breeds new narratives, that is the real bottom-fishing opportunity.

The fundamentals of BTC and mainstream coins are stronger than ever, and the long-term trend remains upward. If you buy BTC today, in the long run, you might have a good return.