For the main upward trend, the more it rises, the more everyone is afraid, afraid of being buried by a market correction.

If next year a "distributed interest rate cut" supports it above $100,000 for several months or even half a year, everyone will be less afraid.

It was the same last year.

When Bitcoin broke through $32,000 and rose to $73,000, everyone was very, very afraid during this main upward trend. Always afraid of being buried by a correction, and when Bitcoin oscillated between $60,000 and $70,000 for half a year, everyone became less afraid.

The market's counterintuitive nature is:

A high price does not mean it will crash tomorrow; it can stay at a high level for a long time, even higher. Long enough for everyone to get used to it, to no longer fear that price, until everyone gives up and it turns downward.

A low price does not mean it will rise tomorrow; it can stay at a low point for a long time, long enough for everyone to be in despair, until everyone gives up and it reverses upward.