#比特币价格走势与预测 Looking at this wave of market movements, a familiar feeling is surfacing. The all-time high of $126,000 was reached in October, followed by that classic cliff-like plunge — I’ve seen this pattern more than once.

Remember the frenzy at the end of 2017? Back then, everyone was talking about Bitcoin hitting ten thousand dollars, only for a long bear market to follow in early 2018 that lasted over a year. This time, Trump’s "pro-crypto" expectations did ignite market imagination, but ultimately, the market was constrained by harsher realities: tariff wars, macro tightening, high leverage liquidations — no one can bypass these fundamentals.

The most heartbreaking data is this: the gains for the year have been completely wiped out, with a $1 trillion total market cap evaporated. I once thought this time would be different, that institutions had truly arrived, that mainstream adoption was near. But history keeps reminding me that Bitcoin’s four-year cycle pattern runs deeper than any political trend. In November, it broke below $81,000, marking the largest monthly decline since 2021 — this rhythm is all too familiar — just when prices are at their peak, reality most easily shatters expectations.

Interestingly, regardless of market volatility, institutions like BlackRock and Coinbase continue to expand their positions. That’s the real signal worth paying attention to. Retail investors are in fear, but true long-term players are quietly accumulating. The outcome of the next cycle might already be quietly decided during this bloodbath.