Let’s just talk through the charts today. I’ve tried to mark everything in detail on the charts, so I’ll keep the text short. If you’re confused, check the references first. The red line crossing above the blue line completes the first step of the 'trend initiation.' BTC’s price is around $81,200, but it hasn’t surpassed the previous high, so there’s no HH (Higher High) formed. Because of this, some technical analysis friends believe it’s still too early to say the bottom structure has been established. I think this perspective is valid too. However, if we compare it to January 2023, we can see that when the red and blue lines crossed back then, BTC also didn’t form an HH. This shows that the effect of the first wave at the end of a bear market is roughly the same. For the red line to continue crossing above the green line, we’ll need a second wave or a period of sideways consolidation at higher levels. Of course, this is also the period most prone to 'pullbacks.' Back in April-May this year, after the red line crossed above the blue line, it hit resistance at the green line. If it doesn’t encounter resistance and instead passes through smoothly, it’s highly likely to follow the pattern from early 2023: a shallow pullback + the declaration of the bear market’s end.