When it was already difficult to respond, Bitcoin took a major hit in the $80K–$90K range. At that time, many said this was a phase meant to exhaust market participants and create doubt, arguing that since everyone was turning bearish, a rebound would come next. Investors who wanted hope and some form of reassurance were encouraged by that narrative. Then the price fell to $70K. Once again, the same explanation appeared—that this entire move was just a “fake-out.” Now the price has reached $60K. What narrative will appear at this level? Where exactly is the standard for calling something a “fake move”? Prices may keep falling, and eventually a bottom will form. When that happens, will people simply say again, “See, it was all a trap”? What is the real value of analysis if this is how it’s used? Many inexperienced investors are still clinging to these explanations because they want hope. They have not yet realized that this way of analysis is flawed. That realization is a necessary step—and it has not happened yet.(mignolet)