From a structural adjustment perspective (assuming this is an adjustment), I believe Bitcoin’s move has largely run its course: 1. The first decline was from 87 to 80, followed by a rebound; the second decline was from 85 to 735. 2. ① The second decline has already exceeded a 1:1 ratio of the first decline and has now reached a 1.382 extension—further downside to 1.618 would invalidate the structure. ② The dip to 735 broke below the low of wave 4 from the prior uptrend, suggesting a significant cluster of stop-loss orders likely triggered here. The corrective pattern appears complete, and its objectives—liquidating leveraged positions and shaking out weak holders—have been achieved. If this is indeed an adjustment, it is likely nearing its end.