The fourth quarter might be the best time window for the current bear market trend to end, while real bullish momentum could return in Q1 or Q2 of 2027. Around $45,000 is a typical bear market bottom range. From 2009 to 2026, Bitcoin has always been in a global macro long-term bull market environment. If there’s a structural breakdown in the global macro environment, then $30,000 will be the next support level, and $16,000 will be the last line of defense to maintain Bitcoin's long-term bull market trend.