This wave of 1011 is different from 312, 519, and FTX. To put it bluntly, the timing is different, the era is different. Now we’re in a semi-mature market, the institutional era. I think $BTC will hit new highs in a shorter time this round. Even with this crash, $BTC is still at 11W. Everyone, take note: $BTC’s price is still fluctuating in the 107-123 range. Honestly, I think this is more of an attack—a short-seller attack. A lot of people are saying it’s because of Trump. Trump is part of it, but it’s just an excuse tied to risk-aversion sentiment. The real issue is liquidity. This wave was driven by liquidity funds (possibly state-owned capital) pushing $BTC to a new high and then pulling out. After the new high, the top structure was already formed, but the sentiment still believed in pushing for higher highs. Then Trump’s post triggered risk-aversion sentiment in the market, the “black hand” amplified the attack, and the drop happened. But $BTC is just undergoing a normal pullback. The majors like $ETH and $SOL are basically hitting their targets in one go. They’re still fine. The real problem lies with altcoins. Honestly, 95% of altcoins are bubbles and garbage. So this was a good opportunity to clean house. Here’s my take: I think $BTC will go through a wave of choppy declines. Pay attention—it’s choppy declines. Personally, I can only see it dropping to the 9K range for now. But $BTC will definitely hit new highs again. I’m looking forward to this wave of choppy declines. I’m looking forward to washing out most of the meaningless altcoins. Then the whole space can start fresh, leaner and stronger, leveraging AI to spark more valuable applications and new tokens.