When understanding BTC's price movement, you can't rely solely on a single cycle framework. Don't simply ask whether BTC is going up or down; you must consider the time frame, otherwise it's meaningless. Leaving aside long-term cycles, let's look at the medium-term trend. BTC has broken free from the major bear market pattern, and there are two crucial pieces of evidence: 1> BTC's rebound from the 58,000 low has surpassed point A. Point A is the high point of the rebound after the previous drop, and also a key resistance level. A break above point A is sufficient proof that the bear market has ended. We can look back at the 2022 bear market chart; each BTC drop's rebound failed to surpass the high point of the previous drop's rebound until the 2023 bull market, similar to the current situation. 2> Another key piece of evidence is the two downward channels formed in September and October. If, and we're just saying if, the current BTC movement is merely a rebound within a bear market, then there are two possible scenarios for its price action: First, a sharp rise followed by a sharp fall, forming a "door" pattern, before continuing its decline. Second, similar to the first scenario, a 45-degree upward oscillation followed by a sharp drop; it's absolutely impossible for it to follow two downward channels. What is the purpose of a downward channel? To shake out weak hands! And what is the purpose of this shakeout? To propel an upward move! Therefore, my conclusion is that the medium-term trend for BTC is upward. In the short term, we are currently in the shakeout phase of this medium-term upward trend. The lower edge of the channel, which is the limit of this pullback, I believe is around 78,000. Finally, let me add a detail: if you observe BTC very closely, you might have noticed the significant wicks on the 15-minute candlestick chart a few days ago, with amplitudes exceeding 1% within a few minutes. These are details of shakeouts and consolidation, targeting quantitative traders and those with high leverage. In conclusion, I believe I have clearly explained my understanding of BTC's price movement.