This year #BTC first hit a new high and then plummeted by 30%. The market is now divided into two camps: some fear that a bear market will come in 2026, while others believe that the real bear market has already quietly begun in 2025.

Analyst Anslem has proposed a bold viewpoint: this round of market movement is not a bull market, but rather a "political repricing". Bitcoin has broken through historical highs ahead of the halving, which he believes is a signal of a cycle reversal, not a strong bull trend.

He mentioned that BTC's dominance is soaring, altcoins remain sluggish, #etf has seen an outflow of 3.5 billion in a month, and the sentiment is extremely fearful—these are all characteristics of a bear market.

However, paradoxically, he sees a massive market ahead: if liquidity continues to expand and funds flow into hard assets, BTC could potentially soar to $150,000 to $200,000.

On the other hand, Wall Street analysts insist: it hasn't hit bottom yet, and the real support is to wait for the range of $54,000 to $60,000. But in the short term, he admits there might be a rebound to test the 50-day moving average near $100,000.

Currently, BTC is around $90,000, still 28% away from #ATH .

What comes next: a surge, a drop, or a reversal? The market is waiting for a direction. #加密市场观察