Here's my perspective: the negative factors for BTC have largely been priced in. The four-year consensus and the historical "experience" of the liquidity-driven crashes of 2022: allowed expectations to quickly release the negative factors within a short period (April 2025 to February 2026). BTC fell directly to near its previous high and has been fluctuating around that level ever since. Whether the bottom for BTC will be 60,000, 50,000, 40,000... depends mainly on the macroeconomic environment and the US stock market.