Why did many veterans misjudge this bull market?

On August 26, after analyzing all technical aspects, I judged the end of the bull market, and I almost liquidated my positions;

The attached image contains the content sent to Binance Square on that day, and you can click here to view it: https://binance.com/zh-CN/square/post/28819898904402

From that point until the end of October, analysts continued to promote that the bull market was still ongoing, but the results are clear.

The main reason why most analysts went wrong is that on October 5, Bitcoin broke through the August high of 124,000 and reached 126,000.

For most analysts, they only adhere to one principle: a breakout means a bull market; if a new high is reached, then it should logically reach 150,000, and by the end of the year, 200,000.

In fact, this is incorrect; there was a major misunderstanding regarding market forces. Breakouts can be categorized as strong or weak, and at that time, it was in the weak category, which is the reason most people made mistakes.

As for the analysts who continued to be bullish afterwards, they were simply stubborn, offering no valuable insights.