Based on historical patterns and trends: After a decline, $BTC tends to consolidate and oscillate near the secondary low, creating multiple fake supports to lure in buyers. This gives the illusion of "the low won't break, and a rebound is coming," tricking retail investors into buying the dip and setting stop-losses just below the previous low. Then, the big players dump the price, breaking key support levels and triggering a cascade of stop-losses, completing the long liquidation. We’re currently in the late stage of the 5-wave downtrend on a macro scale, but the full bearish structure hasn’t played out yet. A true bottom requires going through an extreme phase of despair: capital continues to flow into U.S. stocks, gold, silver, etc.; retail investors exit en masse; trading volume dries up; market sentiment turns ice-cold; and bearish news floods the space. Only when retail investors panic-sell and short-term gamblers are flushed out will big players have the perfect environment to accumulate at low levels. Right now, the conditions for a bottom are not in place. We haven’t seen signs of extreme panic selling or a significant flip to negative funding rates, which are key indicators of a bottom. There’s still some downside space before we hit the true bottom. Yesterday, a follower asked me: “Is it time to buy the dip?” My answer remains: “Not until the end of the year—either late December or Q1 2027.” Bear markets are long and grueling~ Even if we drop to $45,000, it might just mark the beginning of the bottoming process. A major reversal will require multiple large-scale fake breakdowns, forming weekly bullish divergences before the bottom is truly in place.