Point of View: The primary factor influencing Bitcoin's price is technical analysis, and investors need to patiently wait for the market to capitulate.
BlockBeats News, February 26th, Alliance co-founder Qiao Wang posted on social media, saying that investors have spent months looking for a scapegoat for the Bitcoin bear market, including Jane Street, quantum computing, tech stock sell-off, and so on.
But ultimately, Bitcoin is an asset without cash flow anchoring, so the primary driver of its price action is only... technical analysis. And the essence of technical analysis is crowd psychology. People who believe in the four-year cycle are more than those who believe in the five-year cycle. Once the trend is broken, people start taking profits or stop-loss exits.
That's it. Most other explanations are more like correlation than causality. Now, all we have to do is wait patiently for the market psychology to fully surrender and wait for the trend to reverse. This does not necessarily require an external catalyst.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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