BTC has dropped to $75K, and the market is now highly vulnerable; multiple negative factors are converging, potentially triggering a wave of leveraged position liquidations. From a cycle theory perspective, this year marks the transition from bull to bear market, and we have not yet reached the lowest point from the bull market peak. The best trading opportunities are expected to emerge in the first half of 2027. The recent decline has significantly elevated implied volatility (IV), reflecting clear market anxiety over further downturns—especially since a collapse in AI stocks could trigger a major shakeout across all speculative markets.