The "Christmas行情" for Bitcoin hopes are gradually fading. Currently, the price is fluctuating around $87,440, and the situation is quite clear— the market is repeating history.

Many analysts have pointed out an unsettling phenomenon: the current price trend is eerily similar to the fractal pattern at the top of the 2021 bull market. Following this logic, Bitcoin may face downward pressure toward $70,000, which would be reminiscent of the sharp 34% crash in January 2022.

But that's not all. The market is now in a strange calm—consolidating, observing, with little movement. Some see this phase optimistically, believing it is actually a preparation for a potential "super cycle" in 2026. The problem is, social enthusiasm is waning, institutional power is rising, and this shift in dynamics could suppress volatility and change the game rules.

Short-term risks and long-term opportunities are now both on the table.