The historical risk index of BTC has confirmed a top divergence;

The best strategy for using the historical risk index is to buy below 0.3 and sell above 0.7. This bull market only saw a suggested sell signal when the price first broke 70k in early 24...

Currently, the only thing that worries me is that this might replicate the structure of the last bull market at 69,000, where the weekly chart directly reversed without any significant rebound appearing afterward, leading directly to a bear market;

What can I say? I am also very conflicted. The buying climax I have been eagerly anticipating has not appeared, and the standard top distribution structure has not emerged either. To suddenly call a bull to bear transition seems too ethereal and might invite backlash...

So, is it possible that we could see a pullback that directly drives the risk index down to around 0.3? When the market determines it has entered a bear market, could the pullback also end?

In the future market, there may no longer be emotional buying climaxes, replaced instead by a large range oscillating market similar to gold, where there is no longer a distinction between bull and bear, only short-lived trends of long and short?