My view has not changed. If anything, the situation continues to deteriorate. psychological cycle we are seeing in the market today is not much different from what we saw near last year's market top or during the $80,000–$90,000 range earlier this year. I have been repeating this point consistently. The key difference is that Bitcoin has already declined significantly, and a considerable amount of time has passed since then. Ironically, I believe this is the most dangerous factor. Many people are now thinking, "The price has already fallen substantially, and the market has spent enough time consolidating. This must be the point where fear becomes opportunity." That is why the phrase "buy when there is fear" is repeated so often in the market. there have been many occasions in the past where periods like this ultimately became major bottoms. However, there is one crucial difference. Back then, there were actual dominant market participants and institutions that stepped in and actively used fear as an opportunity to accumulate. In other words, fear became an opportunity not simply because prices had fallen, but because there was real demand willing to absorb the selling pressure. Today, the situation appears different. Contrary to what many market participants expect, the actual flow of the market is not moving in that direction. Ultimately, what matters is not how much the price has declined or how much time has passed. What matters is whether there are real buyers willing to absorb that fear, and whether their activity can be observed through actual market data. This is precisely where my concern lies.(mignolet)