Bitcoin (BTC) Bitcoin has broken below the red trend line, officially entering a true Secular Bear Market (long-term bear market). This major bull market cycle, which began at $11,000 in October 2020 and is expected to peak at $125,000 in November 2025, marks the end of the current cycle. Characteristics of a long-term bear market: slow, insidious decline, years of fluctuating and gradual drops. Don't assume that entering a long-term bear market means you can keep shorting to make money. You need to worry more about whether your exchange will go bankrupt during this deep bear market. You might make a fortune shorting, but if your exchange collapses, you could lose everything.