What will happen next?

1. In the long term, the future is bright:

1) Bitcoin, as the leading cryptocurrency, has entered the mainstream world's vision and has the potential to become a reservoir for U.S. Treasury bonds and an outward extension of the U.S. dollar;

2) In the transition from a unipolar to a multipolar world, Bitcoin's hard redeemability will inevitably play a better and larger role.

2. In the medium term, the adjustment is not yet over:

1) When prices rise, consensus is strong, and strong consensus means everyone has a common expectation. What were the previous expectations? Interest rate cuts, ETFs, Trump's victory—these are all expected or already realized actual benefits;

2) Now, these benefits have already materialized, and there are currently no particularly strong consistent benefits to look forward to in the market. For example, regarding interest rate cuts, there is a discrepancy between Powell and Trump, which indicates inconsistency;

3) When market consistency is strong and consensus is formed, a trend will emerge; similarly, when market consistency is weak and discrepancies form, a volatile market will emerge.

When will it rise?

1. From a technical perspective, when the indicators of the long cycle are oversold and a bottom is established;

2. From a macro perspective, when current uncertainties are gradually digested and accepted by the market, then the market moves from the worst conditions to not-so-bad, then to better, and finally to increasingly better;

3. From the cryptocurrency circle itself, look at this chart: