The bear market is unimaginable. Bitcoin in 2009. The first block had 50 bitcoins. After the halving in 2012. 25 bitcoins are generated every 10 minutes. About 18 months after the halving. At the end of 2013. Bitcoin broke through $1000. In 2016, Bitcoin halved again. 12.5 bitcoins are rewarded every 10 minutes. After 10 months. In December 2017, Bitcoin broke through $20,000. Then began a year-long bear market cycle. In December 2018. Bitcoin fell below $3000. It corrected by 85%, and then entered a three-year bull market.

The year before the halving is a very good time to buy. This is the best buying point. In 2020. Bitcoin halved again. The reward is 6.25 bitcoins every 10 minutes. This is the 3rd halving. Then there is a pattern after the halving. Bitcoin reaches its peak 18 months after the halving. This time is very interesting. It reached 64,000 in the 12th month. But historically the same, the peak reached after 18 months post-halving is $69,000. Then comes a four-year halving bear market cycle. A year of sharp decline begins. This cycle, we can also attribute it to the Federal Reserve's easing during the pandemic, followed by the Fed's interest rate hikes. The macroeconomy may indeed be very similar, closely matching Bitcoin's trend. But Bitcoin has demonstrated a classic four-year halving cycle. Then it started a year-long sharp decline. After reaching $69,000 in November 2021, it plummeted to $15,500 in November 2022. It corrected by 77%. This is just Bitcoin correcting by 77%, while others basically went to zero.

Then it entered a three-year bull market. In 2024. Very interesting. On January 11, 2024, Nasdaq launched BlackRock's spot Bitcoin ETF. On April 20, 2024, Bitcoin. Halved again. This is the 4th halving of Bitcoin, from 6.5 bitcoins to 3.125 bitcoins. The reward for a block every 10 minutes is halved again. The selling pressure decreases again, directly boosting the bull market. 18 months after the halving. It reaches its peak. This time it is also basically the same as the previous wave. It breaks through $100,000 in the 12th month and the 18th month respectively. But the peak is still in the 18th month after the halving. On October 6, 2025, Bitcoin broke through $126,200. After reaching the historical highest point, what is the lowest in October 2026?