Let's talk about my views on the current market cycle.

Last October 10th was actually a watershed moment - the bear market officially started. But don't panic, I believe this bear market won't last too long. A conservative estimate is a bottoming period of about six months, and optimistically, it could be over in about a year (calculated from the peak).

Almost two months have passed now, and the first wave of sell-off is nearing its end. The 80600 position is likely the bottom of this round. Even if there is a second dip afterwards, if it falls below this price level, the downside will be quite limited—this is actually an excellent opportunity for bottom-fishing.

My judgment is: whether 80600 is the true bottom or not, the next phase of the rebound will likely target around 100,000. But don't celebrate too early, as after reaching that level, there may be another more intense round of decline.

Finally, speaking of BTC: the trend behind this asset is likely to follow a pattern of short-term bearishness and long-term bullishness. There will be short-term pain, but the long-term outlook remains positive.