If you are not trading futures and only holding Bitcoin spot, this looks like a reasonable long-term accumulation zone. To be fair, from an on-chain cycle perspective, the bull cycle technically ended earlier this year when Bitcoin touched around 100K. In classic cycle theory, the market should revisit the realized price around 56K to form a cyclical bottom, but because players like MSTR are unlikely to sell and those coins are effectively off the market, I doubt we will see 56K. On top of that, macro conditions suggest governments will need to inject liquidity until mid-next year for political reasons, so sentiment could rebound at any time. Selling or shorting here would be a bad idea, in my view. I could be wrong. I don't use leverage anymore, so I am not great at timing entries, but I still feel confident about the long-term direction.(Ki Young Ju)