The market on September 26th can be summed up in one word: chaos. Bitcoin led the decline, Ethereum fell below $4000, and altcoins suffered a complete collapse, with most tokens dropping more than 5% in a single day. This is not just normal volatility but a clear signal of panic.

Why is it so brutal? Two major factors are hitting simultaneously. On one side, the geopolitical situation continues to escalate, prompting global funds to seek safe-haven exits. On the other side, the Federal Reserve's core PCE price index is about to be released, causing market expectations for monetary policy to waver. The dual pressure has pushed investors into a fog of uncertainty.

Even more heartbreaking is that Bitcoin's renowned "digital gold" attribute has completely failed in this round of market conditions. Logically, escalating geopolitical conflicts should have supported Bitcoin as a safe haven, but instead, it followed the downward trend. What does this indicate? It shows that the spread of risk sentiment has overtaken the demand for safe-haven assets, and the market has indeed entered a true panic phase.

From a technical perspective, many analysts point out that "the major wave structure remains unchanged, but the small cycle is advancing much faster than expected." In other words: short-term volatility is expected to continue soaring, and each small rebound may hide a larger decline behind it. Those flickering green numbers on the screen are asking investors the same question: Has the bull market really ended?