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Every bear market has 4 phases.
Phase 1: Denial. "It is just a correction." Oct-Nov 2025. $BTC drops from $126K to $95K with everyone buying the dip and nobody panics.
Phase 2: Fear. "This is worse than I thought." Dec 2025-Jan 2026. BTC drops to $68K, ETFs start bleeding. Leverage gets wiped and everyone is nervous now.
Phase 3: Capitulation. "Get me out at any price." This has not happened yet. This is when long term holders break, when the last buyers from $90K-$100K finally sell at $50K-$55K. When MSTR's $76K cost basis suddenly becomes the headline.
Phase 4: Depression. "Crypto is dead." Volume dries up. Nobody talks about Bitcoin for months. CT goes quiet but that is when bottom starts forming.
We are at the end of Phase 2. The worst phase has not even started yet.
Bitcoin is at $70,000 and the timeline says we are 5 months into a 12 month decline at least.
Phase 3 is next.