Suddenly recalling, it has been more than two months since the last time I "pointed out the situation" here. Looking back at that time, I am particularly gratified by the arrangement, perfectly capturing the second round of the market's decline, providing a precise direction down to a minimum of 84,400 for Bitcoin and 2,773 for Ethereum, and now it seems just like back then.

Recently, influenced by Trump's tariffs and further exacerbated by geopolitical issues, the market has entered a new round of tightening, especially the cryptocurrency market, which is the most affected. After a brief surge, it has once again retreated to a densely packed area not seen in nearly two years. Observing gold, silver, and other precious metals, as well as some undervalued stocks in the A-share market, it truly evokes a sense of lament.

With liquidity tightening, net profits and losses hitting a near-term low, continuous outflows from ETFs, intensified tariff impacts, and interest rate uncertainties… it seems that all these factors are endorsing this round of decline. The continuously liquidating bulls have further labeled the current market as a "bear market," but is it really so?

I don't think so.

By observing the degree of pain that current market participants are enduring from the decline and the circulation of on-chain transactions, it is clear that the market has reached a point of "no retreat." These signals often peak at the "lowest price points" of previous years.

As for the iconic cryptocurrency market, which is like "passing the parcel," with the tariff issues cooling down and geopolitical problems easing, countless eyes are focused on the gold and silver markets. Wouldn't they be preparing for new support instead of allowing the market to continue cooling while staring at the few bullish positions?

Will it come back from this?

What we need is time and patience. Currently, Bitcoin at 86,000 and Ethereum at 2,800 serve as the central pivot in the fluctuations of the past two years, showcasing their "actual prices." I believe that Bitcoin will reclaim 100,000 or even 120,000 in the future; it's just a matter of time.

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