The four-year halving cycle of BTC is still an important factor affecting price trends, and the current key support range is between $72000 and $73000 Although investors are generally concerned about the current adjustment, the historical bull market cycle of Bitcoin remains intact and may only be a temporary "oscillation" before the next round of rise. At present, several key technical indicators have turned bearish, leading people to speculate that the bull market cycle may end prematurely. However, the 4-year cycle of Bitcoin is still an important factor, which will influence the price trend from a historical perspective. Past trends show that it is not the beginning of a long-term bear market, and the vicinity of $72000-73000 is still a key support range. Global treasury bond bond yields and stock trends may determine the next major trend of Bitcoin.