#比特币技术分析 Looking back, the Bitcoin market has never been short of drama. In the past month, we have seen long-term holders sell about 400,000 Bitcoins, worth $45 billion. This reminds me of the big dump after the crazy bull run at the end of 2017. At that time, a large number of early investors also chose to take profits, triggering a bear market that lasted more than a year.

History is always astonishingly similar. Whenever market sentiment gets overheated, there is always a group of "smart money" that chooses to exit the market. They are often seasoned players who have experienced multiple bull and bear cycles and have a keen sense of market cycles. This large-scale dumping may also be their judgment and warning about the current market.

However, rather than saying this is the end of the market, it is more accurate to say it is the beginning of a new round of reshuffling. In the short term, we may see more volatility and falls. But in the long run, this might be a good opportunity for new investors to enter the market. After all, the fundamentals of Bitcoin have not changed; it remains the most mature and secure cryptocurrency.

For those still in the market, I advise you to remain calm and not to follow blindly. The market always swings between fear and greed, and true wisdom lies in being greedy when others are fearful and being fearful when others are greedy. Let us watch the changes quietly and wait for the market sentiment to return to rationality.