In fact, from a technical perspective, the position of Bitcoin at $BTC 5 is indeed a key support level for the annual line. If next year is indeed still a bear market, then this point is very likely to be tested.

However, ETF funds are still flowing in, and institutional holdings have not significantly decreased. I think it's more likely that we are in a consolidation phase, rather than a direct one-sided drop to 50,000.

What I fear the most is that kind of 'boiling frog' market. The decline is neither fast nor slow, making people always feel that they can still buy the dip, only to end up getting stuck all the way to the bottom. This kind of market is the most exhausting.