From a long-term perspective, Bitcoin is indeed in an upward channel and has not shown any signs of a trend reversal. In the short term, deep pullbacks and spikes are merely illusions, or it can be said that the whales are harvesting the market.

Since the Bitcoin halving, the bull market has been quietly brewing, and October marked the start of the first real bull market wave. Although I didn't quite believe it would come so early and so aggressively, it indeed happened. Especially when breaking through the 70,000 mark, everything became more complicated! During the trading process, there were both long and short positions, and the results were good.

Currently, Bitcoin has reached 100,000, and it seems to be stabilizing easily. This means that regardless of how deep the pullback may be in the future, the upward potential remains significant. Therefore, it's essential to prepare for 105,000, as it could go even higher before a deep pullback occurs.

At this moment, do not chase the market upwards. If you believe it will rise further, consider taking small, short-term long positions, and take profits quickly. One must not have a continuous bullish mindset. I have consistently operated with a strategy of shorting at highs; whenever there's a significant rise and the timing is right, one can short the market. Analyzing from the perspective of the whales, this approach is more cost-effective, as the cost for them to pump the price and harvest is much higher, while crashing the market is relatively simple for them. Retail investors, the 'leeks', can never escape the curse of the trading market: they chase during rises out of speculative luck and may panic sell during drops—it’s just gambling!

The following operational advice: When Bitcoin rises significantly, one can take small positions to short at highs. Make sure to set profit-taking orders; otherwise, a spike-like market won't give you the chance to operate manually, and missing out could mean there won’t be a second opportunity! At this stage, it's mainly about watching and waiting, as the cost-effectiveness of shorting around 105,000 is better. If one catches a shorting opportunity at high levels, once a trend reversal signal appears, the profits from a deep pullback could be substantial, and a trend reversal signal or even a black swan event is expected to happen soon. Let's wait and see!