Let’s not pretend this price action is normal. Sure, BTC has historically bottomed in Q4, and midterms often bring market wide derisking and bad news. But what we’ve seen unfold feels extreme. At 57K, we saw the characteristics of a bottom. We front ran the bids below the lows, as we’ve seen in previous cycles. The “plunge protection team” defended those lows. We retraced half of the bear market, made a weekly and monthly higher high, and then reversed the entire bottom formation with a 26% drop. This bear market is already longer than the ones in 2018 and 2022. The retracement to 72–74K after testing 87K was reasonable. Painful, but reasonable. But let’s not pretend that dropping all the way to 65K isn’t overkill, because it is. If the stock market pukes over the next few weeks, I don’t even want to imagine where BTC could end up in the short term. Im still holding my 2x long from 62.6K, with spot averaging around 69K after all the additional buys, but watching this unfold into something we haven’t really seen before is insane, to say the least. Throughout this entire drop, spot has been buying while price has continued to bleed lower. The orders that defended the 57K lows have now been pulled. I guess we’ll only know whether a bottom is truly forming when we start seeing scattered bids below us while price consolidates. Until then, it’s just elevated selling. I’m sure the market will find a way to screw people over and front run certain levels yet again, but this isn’t a traditional bear cycle. Anyone telling you otherwise doesn’t understand the structure. Every bottom so far has formed with the plunge protection team defending the lows. That’s why it’s wild to see such an aggressive retracement after we’d already seen the characteristics of a bottom. Maybe the AI bubble has burst. Maybe the stock market is finally entering a prolonged range. Or maybe this is all FUD before the bull run begins, as it has in the past. Either way, I’m not bearish. I’m just surprised by the speed and volatility of the move we’ve seen recently.