Long-term holders' sensitivity to price continues to rise! If we were to mark the boat, the times when the same height was reached in the past three cycles were: September 18, 2014, June 23, 2018, May 7, 2022, and February 4, 2026; around these time points, certain events pushed BTC into a deep bear market phase: 🚩 September 18, 2014: The aftermath of the Mt. Gox collapse continued to ferment; after September, the Chinese government announced it would crack down on BTC and cryptocurrencies; 🚩 June 23, 2018: China comprehensively banned cryptocurrency exchanges and ICOs; the top Korean exchange Bithumb was hacked; 🚩 May 7, 2022: The Luna ecosystem collapsed, and FTX went bankrupt; As the saying goes, "the top is a process, the bottom is an event" — perhaps the only thing separating us from the bottom now is a "black swan" event. The final push, causing LTHs to emotionally collapse under high sensitivity, is likely the end of this downward trend! What will happen in 2026?...... (Good news is: if you mark the boat, even if you buy now and hold firmly until the next cycle, 99% of the time you won't lose money)