Bitcoin has only undergone a 'normal adjustment' and the peak of the cycle has not yet arrived The pullback of Bitcoin from its January peak is a typical cyclical adjustment and not abnormal, as the price peak has not yet arrived. The bull market has not yet ended, and the peak of the cycle has been postponed due to macroeconomic conditions, resulting in poor global liquidity, which is unfavorable for cryptocurrencies. Compared to the 12 instances in the previous cycle, this is the only third or fourth time Bitcoin has experienced a pullback of over 25% in this cycle. The market is overheated and needs to cool down. The market needs to find a new foundation. Bitcoin may be in a normal pullback phase, and the peak of the cycle has not yet arrived. From a historical perspective, Bitcoin has experienced this type of pullback during its long-term upward trend, and there is no reason to believe that this time will be different. The fate of Bitcoin in the next six months seems increasingly tied to traditional markets, and the next narrative may revolve around US interest rate cuts, quantitative tightening easing, and increased global liquidity. Follow me to bring you more information and consultation in the cryptocurrency industry.