Long-term holders are becoming increasingly sensitive to price changes! If we look at the past cycles, the dates when we reached similar levels were: 2014.9.18, 2018.6.23, 2022.5.7, and 2026.2.4. Around these dates, certain events pushed BTC into a deep bear market: September 18, 2014: The aftermath of the Mt. Gox collapse continued to unfold. After September, the Chinese government announced a crackdown on BTC and cryptocurrencies. June 23, 2018: China fully banned crypto exchanges and ICOs; South Korea's top exchange, Bithumb, was hacked. May 7, 2022: The Luna ecosystem imploded, and FTX went bankrupt. As the saying goes, "Tops are a process, bottoms are an event." — Maybe where we are now is just one "black swan" away from the bottom. The final shakeout, where LTHs (long-term holders) emotionally break under high sensitivity, might just mark the end of this downward trend! What will happen in 2026?...... (The good news is: if you look at it from a long-term perspective, even if you buy now and hold firmly until the next cycle, there's a 99% chance you won't lose money.)