The harshest move in a bear market is often this tempting rebound.

Look, those who cut their losses and ran during the first plunge tend to regret it as soon as the price starts to rise. They think to themselves, "Why am I so bad at this," and when the rebound comes, they jump back in with heavy positions. But what happens? When the trend reverses and the price drops from the high point, the feeling of shattered resolve is indescribable.

Even more so, this round of decline will attract more newcomers—they see those who got trapped earlier cutting losses and think, "The bottom opportunity is here," and they enter one after another. When the main players strike again, the entire market turns into a slaughterhouse.

BTC's movements best illustrate this logic. Every rebound in a bear market is like a "fishhook"—it looks like an opportunity but is actually a trap. Traders with strong discernment can identify the nature of the rebound; but most people are emotionally driven and often fall for these false signals.

So if you believe we are still in a bear market, don’t be fooled by these rebounds. But if you’ve already confirmed that a bull market has started, then I didn’t say anything.