#比特币跌幅逼近历史极值 Bitcoin's bear market is far from over. Is now the time to buy the dip? Not yet.

The bear market has just entered the tail end of its first phase, and the true global synchronized decline (second phase) has not arrived.
Cash is king; be patient. When despair hits in the third phase, that will be the real moment to scoop up bargains.

The framework for the bear market has been established, divided into three phases. We are currently in the first phase, about to slide into the most brutal second phase.

Phase One: The Beginning (Already Occurred)
Liquidity collapsed in Q3 2025. As the most sensitive to capital, small-scale assets like Bitcoin turned downward first. This is actually a leading indicator of the market, often signaling months before macroeconomic shifts. When smart money quietly exits, it reacts the fastest. In this phase, die-hard bulls will only blindly shout "bull market correction" but cannot produce any evidence of capital inflow—besides spinning stories, they have nothing.

Phase Two: Transmission (Coming Soon)
This is a global stock market worth up to $100 trillion. It’s like a giant supertanker, turning slowly, but once momentum reverses, the consequences could be catastrophic. This is the mid-stage of Bitcoin’s bear market, where all risk assets will be swept into the vortex. By then, there will be no more debate—we will undoubtedly be in a bear market.

Phase Three: Dawn (The Final Loot)
Liquidity begins to improve, capital outflows stabilize, and investors slowly return.

But ironically, the final price crash often occurs during this phase, possibly shortly before or after the capital turning point. This is the ultimate plundering of the last holdouts.