Why are we obsessed with escaping the top on the left side? Because a top formation, such as an M top or head and shoulders pattern, needs to confirm the right side's shape, and it's generally normal to be 20-30% away from the top.

Using the weekly chart as the trading trend cycle, for example, if the current price of BTC is 115,000 USD, it will only reach the upper median line when it falls to 97,000 USD. At this point, we need to observe the trading volume and contract data to determine whether it is a news-driven sharp drop or a steady decline; these two scenarios are different. A news-driven sharp drop with high volume may allow for bottom fishing, but a steady decline followed by a breakdown should not be considered for bottom fishing. With the weekly chart as the cycle, it is necessary to confirm an effective breakdown below 80,000 USD to validate the weekly pattern confirming the end of the bull market. This range of 120,000 - 80,000 USD is usually where both bulls and bears have the greatest doubts; both sides have their reasons, but they are all speculation. Simply from the market perspective, it cannot support any right or wrong viewpoints. This is why smart traders, after a major upward trend is completed, habitually reduce their positions to take profits and wait for opportunities.
The larger the arbitrage space, the higher the risk. Remember what the captain said about contract-led hedging, with spot trading used to stretch. The initial cooperation between contracts and spot trading is supportive, but once the distance from the bottom is significant enough, this may not hold true. There are still people with money wanting to rush in. I can't say the trend has ended, but the risks are also increasing. Most people chasing highs are floating profits without understanding how to control their positions for profit-taking, ultimately getting trapped and adopting a strategy of increasing their positions, which leads to being stuck; (Remember what I said about breaking down and effectively breaking down being two different concepts.)
The current way to play BTC is the standard method for leading stocks in the US stock market. So, what are the characteristics of the trends in US tech stocks? They keep falling, falling all the way down, with months of decline and no rebounds at all. The rebounds are V-shaped, without any pullbacks. Will BTC behave this way? Time will tell.
I advise everyone not to bring others into the market anymore. They won't thank you if they make a profit, and you will likely have to bear the losses if they incur any.