$BTC The pullback from the high has reached nearly 30%, shaking confidence, but it has not ended the bull market.

The transition between bull and bear markets requires a long process of building a peak, with repeated tug-of-war and alternating waves of rises and falls being the norm; a bear market that falls straight to the bottom almost does not exist.

Currently, it is just a normal wave adjustment, and the coming rebound is crucial:

1. If it can consistently break through key levels and achieve new highs → Bull market continues

2. If the rebound is weak and steps down → Risk of building a peak increases

The range of 86500—88000 is the area we need to pay close attention to; for the medium to long term, there is still more opportunity than risk, so stay alert, as opportunities always arise during declines.