State a viewpoint: The bearish factors for BTC have basically been released.

The consensus of the four-year cycle and the historical 'experience' of consecutive crashes triggered by liquidity in 2022:

This allowed expectations to complete the release of bearish factors in a relatively short time (from April 2025 to February 2026).

$BTC directly dropped to the vicinity of the previous high, and then fluctuated around the previous high.

Next, whether the bottom for BTC is 60,000, 50,000, or 40,000... mainly depends on the macro environment and the US stock market.