Bitcoin's bull run has ended and has entered a bear market. The peak of this bull market occurred on October 6, 2025, with a Bitcoin price of $126,000. I don't want to be bearish on my own business, but according to the "four-year cycle theory," Bitcoin's price has indeed peaked, and I simply want to convey this fact to more newcomers entering the market during this cycle. In my opinion, the "Bitcoin halving" has the greatest impact on Bitcoin's price, far greater than any other event (macroeconomic factors, regulatory policies, geopolitics, wars, epidemics, etc.). The four-year cycle theory, born out of the Bitcoin halving, is currently the most reliable cyclical theory in the cryptocurrency world, bar none. The core of the four-year cycle theory is that the Bitcoin halving drives the rhythm of Bitcoin's bull-bear cycles. It divides Bitcoin's bull-bear cycle into four phases: Beginning of the bull market >> Halving >> End of the bull market >> Bear market The beginning of the bull market begins before the halving, The end of the bull market begins after the halving, The halving day occurs in the middle of the bull market, The beginning and end of the bull market last roughly the same amount of time. After the end of the bull market, a year-long bear market begins, and the next halving day drives the beginning of the next bull market, and so on. As the chart below shows, the end of this bull market has ended, and we have officially entered the bear market. While the dates I've listed may not be absolutely accurate, there's no need to continue betting on this area.