Bitcoin has fallen below $80K again—now not just the stock market, but the entire crypto space is entering widespread panic. Let me cut to the chase: I still believe we’re in the early stages of a bull market; this is merely a normal pullback at the beginning of a bull cycle. Since August, I’ve maintained a bullish outlook. According to on-chain data from CryptoQuant, Bitcoin whale holdings have increased to 3.03 million BTC—the highest level since November 21 last year. Moreover, the 30-day accumulation rate is the fastest since February this year. Although BTC ETF net flows remain volatile, the trading volume on October 19 was still substantial. Right now, retail investor attention is at its lowest—retail traders feel weak and see no potential. Yet this month, the $80K level has been tested multiple times, and each time, price has bounced back. 1. Low retail attention, low search volume, and depressed sentiment. 2. Whale holdings have returned to last year’s highs. 3. Significant volume of筹码 (position turnover) accumulates near the $80K level. 4. ETF holdings and trading volumes remain high. When you combine these factors with my pinned MVRV Z-Score indicator, I still believe this is not a bear market. If Bitcoin drops to $76K, I’ll convert my remaining half of MSTR into MSTU—going all-in on 2x leveraged MicroStrategy.