I don’t think this is the most dangerous moment right now. The truly dangerous moments often happen when most people think the risk has already passed. Currently, $BTC feels a lot like a tug-of-war at the end of a cycle. The bulls see ETFs, rate cut expectations, and long-term value. The bears see U.S. stock valuation pressures, liquidity tightening, and on-chain selling pressure. Both sides can find their reasons. But history tells us: The real bottom is often born out of the final liquidation. When the market washes out the last batch of weak hands, that’s when a new cycle truly begins. So, I’m not pessimistic right now. But I’m also not in a rush to be optimistic. I’d rather patiently wait for the cycle to give its final answer.