Is it the start of a bear market or a bull market? A chart to understand BTC's true position!

The biggest debate in the market right now is:
👉 Is this the continuation of a bear market or the eve of a bull market?
The answer is actually simple:
Both are true.
Why? Because the market has three stages:
① Decline phase (already completed)
② Panic clearing phase (in progress)
③ New trend initiation (not started yet)
We are currently stuck in the second stage—
👉 The most frustrating, boring, and easiest phase to cut losses.
8.8M BTC in unrealized losses essentially shows one thing:
👉 A large amount of chips are locked in at high levels.
Is this good or bad for the market?
In the short term, it's bad (selling pressure)
In the long term, it's good (supply decreases).
Looking at ETFs:
👉 Costs higher than current price = short-term pressure
👉 But they won't easily withdraw in the long run.
What does this resemble?
Like a group of "wealthy people" trapped in positions,
They won't dump and run, only wait.
So the only key variable for the future is:
👉 When will new money enter the market?
If macro conditions loosen and liquidity returns,
This bottom could directly turn into—
🚀 The start of a bull market.
Finally, a market truth for you:
👉 All major bull markets start when it "looks most like a bear market."
Vote in the comments:
Do you think now is—
A. Bear market continuation
B. Bottom oscillation
C. The eve of a bull market 👇#Gate广场四月发帖挑战