I observed every single $BTC bear cycle.

Key update:
Practically every single cycle, we complete a 5-wave correction. We also tend to form two significant bear market highs. The first comes immediately after the initial top on the first major retrace. This is the complacency high, the point where the majority believe the bull market is back.
It's exactly why I took shorts from 96K down to 70K this cycle. Once that complacency high is established, price usually pushes to fresh lows as the macro correction continues.
We saw this in 2014, 2022, and again in 2026. In 2018, price didn't make a new low after the complacency bounce, but the overall structure remained very similar with multiple retests.
Shortly afterwards, we typically get a dead cat bounce. Across the previous cycles, this dead cat bounce establishes the base low. By this stage, most market participants have already been wrecked after buying into complacency, sentiment is at its worst, and everyone begins aggressively piling into shorts.
Delta flips, shorts get squeezed, and price rallies. At the end of the day, it's simply market psychology. After the dead cat base low is formed, the final bottom is usually established following the second major retest.
We saw this in 2015, 2018, and 2022. Fast forward to today, BTC has swept the dead cat base low and completed the same 5-wave corrective structure we've seen throughout previous cycles.
The only thing that makes me hesitate is the timing. Every previous bear market has lasted roughly 365 days before putting in the final bottom. If the low is already in this cycle, it would have formed in around 260 days, roughly 100 days earlier than every previous cycle.
That's why I'm still 50/50. Structure suggests the bottom is in. Timing suggests it isn't. Eventually, cycle lengths will change. The mistake is assuming they never will. We need to be prepared for that possibility.
We'll likely have our answer over the next couple of months, but it's worth pointing out that, from a structural perspective, every corrective wave has now been completed and the lows appear to have been established.
There is a very good chance we get some chop from here, but in terms of the low being in, I think it's more likely we form higher lows than make significant new lows.
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