Yesterday, Bitcoin officially fell below $100,000, causing a stir across the internet.

But looking back, all of this actually has traces to follow.

If you review it from the perspective of hindsight, you will find that this crash did not come out of nowhere, but was early written in the market's subtle signs.

1. History will rhyme: every 'liquidation wave' warns of danger.

History will not simply repeat, but it will always rhyme.

The past crashes on March 12, May 19, and the FTX collapse all started with 'sudden violent fluctuations + massive liquidations'.

That kind of liquidation wave is like a seismometer for the market - the sensation is strong, and the aftershocks are long.

The 'thousands of liquidation night' on October 11 already gave a signal:

The market has entered a high-risk zone, and the door to the bear market is slowly opening.

However, at that time, those immersed in the sentiment of 'Bitcoin is about to break 120,000' were unwilling to believe it.

Second, MicroStrategy has long warned: when the gas stations are out of fuel, how far can the car still go?

The trend of Bitcoin is often closely related to the 'gas station'—MicroStrategy (MSTR).

This company is one of the largest Bitcoin holding institutions in the world, and its stock price often reflects market sentiment in advance.

In the past few months, Bitcoin has seemed to oscillate at a high level, but MSTR started to adjust early on.

From the peak, the decline is nearly 50%.

When the gas stations' tanks are almost empty,

Can the car still race all the way to the moon?

In fact, the early decline of MSTR is the market's subtext:

Liquidity is drying up, and funds are withdrawing.

Third, the silent decline of altcoins is the prelude to liquidity tightening.

Smart money always runs first.

In the past few months, although the BTC price seems as steady as a rock, you will find—

altcoins have already been quietly declining.

This is not about 'individual coins failing', but rather that funds are starting to value life.

When risk comes, liquidity always withdraws first from high-risk assets,

Then step by step, it transmits to mainstream coins, and finally reflects in the price of Bitcoin.

The silence of altcoins is actually the calm before the storm.

Reviewing history is not to be a wise man after the event, but to learn to avoid reefs before the next wave comes.

Understanding history can help you avoid getting cut once.