#数字货币市场洞察 The current market is exhibiting two extreme states: high leverage, yet sentiment has dropped to rock bottom. This contradictory combination is actually a classic signal that the market is entering a key period of validation.

At this stage, we can view it as three simultaneous tests:

Cognitive level — The traditional four-year Bitcoin halving cycle framework is being challenged by new logic dominated by global liquidity. Investors need to update their mental models.

Risk level — Overheated leverage and speculative bubbles must be cleared out. Although this purge is painful, it is necessary for the long-term healthy development of the market.

Value level — Physical value represented by gold vs. the network effect of Bitcoin: which one will gain more market recognition? The answer will gradually become clear amid the volatility.

Looking back at history, you’ll find a pattern: as long as the underlying driving force of the bull market hasn’t deteriorated, no matter how fierce the mid-term corrections, the overall direction doesn’t change. Truly resilient super cycles have never started smoothly amid cheers and celebrations.

They usually quietly form a bottom amid heated debates, divided opinions, and repeated volatility. The current chaos and disagreements may precisely be the inevitable path for the brewing of the next big cycle.

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