📌 There are three possible trends in the future

1️⃣ The bull market pullback is over and the market continues to rise (extremely unlikely 🚫)

At present, the market sentiment has peaked, and unless new incremental funds enter the market (such as large-scale central bank releases, skyrocketing demand for BTC, etc.), it is difficult to start a new bull market immediately.
ETH ETF Passage may be a possible catalyst, but the current funding environment still doesn't support a massive upside.
2️⃣ The market hits $100,000 and forms a double top (less ⚠️ likely)

In the short term, BTC may try to rush to new highs, but if there is not enough capital to support it, it is likely to form a false breakout, and continue to decline after luring longs.
The core logic of the fishtail market is "emotional harvesting", since the market has completed most of the harvest, then give everyone another perfect chance to escape the top, the probability is extremely low.
3️⃣ Bear market opens and the market enters a long pullback (most ✅ likely)

The current market is very similar to the post-bull peak stage in 2018 and 2021, most of the institutional funds have been cashed out, and the market is only left with scattered retail funds, which is difficult to form a new driving force.
After the sentiment subsides, the market will gradually return to the value logic, high-bubble assets will continue to pull back, and low-valuation assets may gradually stabilize, but it is difficult to have a big market in the short term

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