Bitcoin's bottom came 3 months earlier, and the max drawdown was only 54%. Does this mean the cycle is broken? I don’t think the cycle is broken—it’s just that the market’s playbook has completely changed. The old leverage-driven bear markets are a thing of the past. We’re now in an era dominated by institutions! If you’re observant, you’ll notice that in this 2026 bear market, there were no major institutional blowups, no stablecoins losing their peg, and no multi-billion-dollar liquidation cascades. This is because ETF creations/redemptions have replaced leverage lending. Institutional rebalancing is just quarterly adjustments, not margin call-driven forced selling. That’s why we didn’t see a “capitulation-style flush.” Bitcoin’s price around $60K was supported by institutional allocations and whale accumulation. My forecast for this bull market’s $BTC trend: shallow pullbacks, long consolidations, and gradual upward moves.