BTC bull market peaked at 126k, then the market entered a bear market. Starting from the bottom at 154K in November 2022, BTC's cycle period is now 4 years. Many believe that this round of correction will be broken, and the market will quickly enter the next bull phase. My view is that this scenario is impossible. Whether from wave theory structure analysis or technical indicator adjustments, a large cycle structural adjustment cannot be completed in just three or two months; it will take at least half a year to a year. Based on chip distribution, the market has experienced a process of bottom
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