To be honest, I know many people are still unwilling to admit it.

But in terms of rhythm—this Bitcoin bull market has already ended.

On October 6, 2025, Bitcoin peaked at $126,000.

That day may be the peak of this market cycle.

The current market is no longer ascending, but transitioning.

The source of it all: the halving mechanism

Many people always like to find various reasons:

Federal Reserve, war, geopolitical issues, regulatory policies…

But if you really studied the history of Bitcoin, you would find that—these are just background noise.

What truly dominates the rise and fall of Bitcoin is,

There is only one word: halving.

Every four years, block rewards are halved, new coin production is cut in half.

Supply suddenly decreases, scarcity effect appears, prices naturally begin to brew an increase.

Thus, one round after another of the market,

Almost all revolve around this rhythm repeatedly.

Four stages, one main line

Halving is not a myth, it is the center of the rhythm.

Around it, Bitcoin's price cycle is roughly divided into four segments:

1️⃣ Bull beginning: the market recovers, capital slowly flows back.

2️⃣ Halving day: ignition point, confidence is ignited.

3️⃣ Bull tail: emotions run wild, prices peak.

4️⃣ Bear market: the bubble recedes, emotions cool down.

The year before the halving is 'building momentum'; the year after the halving is 'climax'; and now, we are entering 'cooling'.

What stage is it now?

If you look at it from a longer time frame, this bull market's ending has already been marked in early October 2025.

The next year will be a typical bear market phase—trading volume shrinks, emotions recede, speculation exits.

During this period,

Rather than chasing high prices and replenishing positions, it's better to stay calm, observe, and accumulate.

Because cycles do not lie.

It's just that every time, it eliminates emotional players.

Written at last

Halving will continue, a new bull market will eventually come.

it's just that this time the protagonist will not be the retail investors chasing after the rise,

But those who remain clear-headed during the cold winter.

Don't be afraid of the bear market,

It is not the end, but the seed of the next starting point.

the future still belongs to Bitcoin,

But whose Bitcoin it belongs to depends on whether you can survive the winter.#加密市场回调 #市场过度杠杆已被出清