The following analysis is purely subjective. For objective analysis, please head elsewhere. The bear market from late 2025 to the first half of 2027 will be a very unique one. Before the next bull market arrives, over 95% of retail investors will be wiped out. You can refer to the bear market phase from late 2013 to 2015 for comparison. BTC was born in 2008, with each major cycle lasting 10 years. We're currently in the second major cycle. It's hard to say if Bitcoin's four-year cycle has been broken. Based on timing, the true bottom might not emerge in Q4. Multiple factors have caused BTC's main players to follow the U.S. stock market in repeated fluctuations this time, and the expected bottoming process keeps getting delayed. That's why this bear market is different from 2022—it will be delayed. And a delay means the consolidation phase in the middle of the bear market has been building up for a long time. The longer the horizontal movement, the higher the vertical breakout. This "vertical" could mean a rebound followed by a sharp crash. So, the C-wave drop could really stretch your imagination. If you draw a Fibonacci retracement from late 2018, this bear market will definitely see BTC starting with a 3 or 4. 2008 → 2018, 2018 → 2028. Why not BTC starting with a 5? No reason—because a 5 doesn't deserve to form the bottom in a bear market.