Bitcoin surged from $57,000 all the way to $87,000, and now the market has entered its most divided phase. One side believes the first wave of the rally has reached the end of Wave 5, and a pullback to $75,000–$76,000 might be next. The other side argues that the volatility in this cycle has clearly decreased, making it unlikely to see deep corrections of 20%–30% like in past bull markets, even if there’s an adjustment. Currently, there’s a heavy accumulation of positions around $84,000–$85,000, while $87,000–$89,000 is a clear resistance zone. Before the National Day holiday, we still face challenges like PCE, non-farm payrolls, and high U.S. Treasury yields. $82,000 serves as near-term support, while $80,000 is the critical bottom line that this rally needs to hold.