During the bull market three years ago, Bitcoin surged all the way to 69,000. As a result, many retail investors rushed in on a whim, and ended up hanging on the top of the mountain for three years. I guess most people can't stand it now and have cut their losses and left the market.

Today, those who hung at 69,000 at the beginning, their coins are still hanging there, without moving.

Why?

You see, Bitcoin rose for a full seven months, and then suddenly fell back to 64,000. This is a problem. It has to take a break after rising too fast.

The real bull market must be after the Bitcoin halving, not before the halving. After the halving, Bitcoin can be 100,000 or 200,000, but it is definitely not at this time.