陈桂林|Nov 12, 2026 23:58
Bitcoin (BTC) has seen six consecutive weeks of decline.
I believe a correction after this round of gains in the crypto market is normal, but the depth and duration exceeding expectations are simply pure bad luck.
Looking back at the market, after storage peaked and entered a correction phase, the crypto market was in a high-value, attractive position for funds. The initial five waves were very strong and aggressive. When the initial correction occurred, the bulls defended very firmly, essentially preventing investors from getting on board. Then, they weathered the storm with the decline in oil prices, which had been suppressing risk markets.
Up to this point, everything was going according to plan, and then things went wrong.
First, there was the partisan strife in the US and the stock market crash, dragging the market down. Then, internal problems arose: Binance was hacked for $6 billion. One external and one internal crisis—it's like adding insult to injury.
Now, the situation is: what might have started as a chance to liquidate leverage and liquidate futures contracts has now affected even spot traders.
To put it bluntly, this cycle is like trying to find a sword by marking the boat where it fell into a river—the market has already started teaching us a lesson in difficulty right from the beginning. More volatility, less time for upward movement; if you don't get on board? A few positive days will push it to a level you wouldn't dare enter; if you get on board and don't get off? It can keep falling and fluctuating until you question your existence.
This tone was set from the start, so it's foreseeable that this market will be more difficult than ever before.
There's no market that only falls and never rises. With the dust settling on the US stock market, I believe the Bitcoin correction (unsure if it's the full correction or just the first phase) is nearing its end. I think the market won't be too bad in the latter half of November to the first half of December.
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