[Opinion: The primary factor influencing Bitcoin's price is technical analysis; investors need to patiently wait for the market to fully capitulate] BlockBeats news, February 26, Alliance co-founder Qiao Wang posted on social media, stating that investors have spent months searching for scapegoats for Bitcoin's bear market, including Jane Street, quantum computing, software stock sell-offs... and so on. But ultimately, Bitcoin is an asset not anchored by cash flow, so its price behavior is primarily driven by... technical analysis. And the essence of technical analysis is group psychology. There are more people who believe in the four-year cycle than those who believe in the five-year cycle. Once the trend is broken, people start taking profits or cutting losses and exiting. That's all there is to it. Most other explanations are more like correlations rather than causations. Now, we just need to patiently wait for market psychology to fully capitulate and for the trend to reverse. This doesn't necessarily require an external catalyst.