#比特币价格分析 Seeing Bernstein's analysis, I thought of recent conversations with a few frens. Some are panicking at Bitcoin's 30% pullback, but if you look at the data calmly, the funds flowing out through ETFs are less than 5%. What does this indicate? It indicates that institutional funds that understand long-term allocation are holding firm, while panic selling mainly comes from participants in short-term fluctuations.

This is what I have been emphasizing all along - the key to breaking the deadlock often lies not in the price itself, but in your understanding of the cycle. Bitcoin has broken the 4-year pattern and entered an extended bull market, which may sound exciting, but I want to remind everyone: what does an extended cycle mean? It means more uncertainty, more fluctuation tests. From 150,000 at the end of 2026 to 200,000 in 2027, this process will not be smooth.

My advice is simple: if you hold Bitcoin or are considering allocating, the most important thing right now is not to chase highs or panic, but to clearly understand your position capacity. How much capital can you afford to leave untouched for 3 years or even 7 years? This is what truly helps you maintain your composure until the peak of the cycle. A long-term mindset is not just empty talk; it is the result of asking yourself this question during every pullback.