"Looking at these factors alone, the current crisis can easily appear to be an opportunity." 1. The duration and magnitude of the current down cycle 2. The technical chart patterns now forming 3. The clear signals appearing within those patterns 4. And the narrative that further reinforces confidence in points 1 ~ 3 From a structural perspective, this area may even look similar to the bullish-cycle zone shown in the yellow box. But the key point is that actual demand is completely different. Look at the broader trend, not just the short-term price action. During the yellow-box period, Market Makers were showing net inflows. This time, however, Market Makers have been recording persistent net outflows for the past eight months. BTC price structure and technical patterns may look similar to a previous bullish phase, but the underlying demand that should be supporting that move is behaving in a completely different way. I believe this is a very important distinction. From my perspective, we are still in the middle of a down cycle. And this is one of the main reasons I remain cautious about the market.(mignolet)