#Gate广场圣诞送温暖 Is the bull market over? Is it a good time to buy the dip?

The decline on 11·21 was not a sudden "black swan" event, but rather a collective sell-off following highly unanimous expectations, which also exposed some key issues. The real global market liquidity is very fragile. Currently, "Technology + AI" has become a crowded track for global capital, and any small turning point can trigger a chain reaction. Especially now, with more and more quantitative strategy trading, ETFs, and passive funds supporting market liquidity, the market structure has changed. The more trading strategies are automated, the easier it is to cause a "stampede in the same direction."
The market has not truly entered a bear market, but has entered a high-volatility phase, and it will take time for the market to recalibrate expectations of "growth + interest rates." However, the era of "mindless rallies" is over, and the market will shift from expectation-driven to profit realization, both in US and A-share markets.
In the crypto market, Chinese crypto analyst Ban Muxia stated, "Bitcoin currently has two likely support levels where it may stop falling: $81,800 and $74,800 (price on Cn platform), as well as the range between these two prices. If it drops to $74,800, it is very likely to be the lowest point of this bear cycle."