[Analyst: BTC Short-Term Investors Have Not Fully Capitulated, It's Too Early to Call a Bear Market] BlockBeats News, November 15, CryptoQuant analyst CrazzyBlockk stated that the Bitcoin market is heavily influenced by the profitability of new entrants. These investors represent fresh capital and liquidity. When this group achieves profits, market confidence is reinforced, and the upward trend can continue dynamically. However, when short-term holders face losses of 20%-40%, it often triggers panic selling. Historically, this level of pain has marked the market's full capitulation phase. However, based on the current loss levels of this group, the typical bear market signal is still far off. If new entrants can achieve partial profits, market support will gradually form, making this correction more likely a "mid-cycle adjustment" rather than the beginning of a bear market.