In the first quarter of 2026, the cryptocurrency market experienced a significant correction. According to The Block, Bitcoin fell by 23.8% this quarter, marking the worst first-quarter performance since 2018. Considering also the 23% decline in the fourth quarter of 2025, Bitcoin has roughly decreased by 41.6% over the past six months. These data not only prompted a reassessment of the short-term price movement scenario but also sparked in-depth discussions about whether the long-term narrative foundation of crypto assets has been shaken.