From a macro perspective, Bitcoin's bull market has actually never truly ended.

If you shift your view to the monthly chart level, you'll notice a very clear yet often overlooked fact: since Bitcoin's inception and entry into the public trading market, the monthly structure has always been operating within a long-term upward trend. The so-called repeatedly mentioned "bear market" is more of a deep correction within a larger cycle bull market, rather than a genuine trend reversal.
Historically, every phase labeled as a "bear market" by the market is essentially a release of profit-taking at high levels plus a cyclical sentiment purge. Prices may drop 50% or even 60%, and the process may seem brutal with extremely pessimistic emotions, but from a higher dimension, these corrections have never broken Bitcoin's long-term bull structure. Instead, they repeatedly accumulate strength for the next trend.
More importantly, Bitcoin is not an "asset supported by stories." It possesses a strong moat: a scarce and non-inflatable supply mechanism; a decentralized, tamper-proof underlying architecture; a continuously expanding consensus network worldwide; and a gradually emerging store of value attribute amid macro uncertainties.
These factors determine that Bitcoin is not a short-term speculative asset but an asset with long-term strategic value.
Therefore, if you look at it from a short-term cycle, Bitcoin is always full of volatility, risk, and panic; but if you view it from the monthly or even larger time scales, every "collapse" of Bitcoin resembles a necessary retracement during a bull market.
The real difference has never been in the market itself, but in whether you are viewing it with short-term emotions or understanding it with long-term cognition.
$BTC ‌
#加密市場開年反彈