[AllianceDAO Co-Founder: The Essence of the Bitcoin Bear Market Lies in Market Psychology, Not External Factors] According to Deep Tide TechFlow, on February 26, AllianceDAO co-founder qw posted on social media, stating that although market participants have spent months searching for scapegoats for the Bitcoin bear market (such as Jane Street, quantum computing, software sell-offs, etc.), Bitcoin, as an asset not anchored to cash flow, sees its price fluctuations primarily driven by technical analysis, which is essentially a reflection of group psychology. There are more believers in the four-year cycle theory than the five-year cycle. When the trend is broken, investors tend to take profits or cut losses. The market may currently be in a psychological capitulation phase, and a trend reversal does not necessarily require a specific catalyst.