In the history of Bitcoin, there have been four instances where it effectively dropped below the mining shutdown price. Each time miners were forced to shut down, sell off, and exit, it essentially served as a systemic liquidation of the previous bubble and high-cost operations. After the FTX collapse in 2022, Bitcoin once again fell below the shutdown price. Mining companies went bankrupt, hash rates cleared out—this was a collective liquidation of financial miners. The market entered a new cost curve. Although there wasn’t an immediate reversal, the price never returned to the $15,000–$18,000 range for an extended period. Over the next three years, no black swan events occurred that could destroy the bull market, and the trend gradually moved into a new expansion phase. History has repeatedly shown that bull markets are built on the foundation of deleveraging and resetting the base. After dropping below the shutdown price, there may still be 10%–30% fluctuations and volatility, but in terms of the cycle, the bottom range has already formed. This stage marks the complete death of the previous bull market and simultaneously sets the foundation for the next bull market.