Before the bull tail officially starts, the bears are definitely the majority, and they are not formed naturally. They are cultivated layer by layer by the market.

Look at the monthly chart, which has already fallen dozens of times, forming an almost ground-hugging straight line. Logically, no one should have the courage to short at this point, but the reality is quite the opposite—bearish sentiment is actually unified.
The reason is simple: when everyone is saying this is garbage, worthless, lacks narrative, and no funds are flowing in, shorting becomes an comfortable choice. Not because the logic is strong, but because “everyone thinks so,” and people treat consensus as a risk hedge.
The closer to the bull tail, the more severe the risk misallocation. The price is already at the bottom, with very little room to go down and huge potential to go up, but the sentiment and position structure are completely opposite. Large short positions are accumulated, with leverage, sentiment, and biases all on the same side, just waiting for a spark.
So it’s not that “they are brave,” but that they have been repeatedly trained by the market to lose their reverence.
A true bull tail doesn’t start during the frenzy of the bulls, but when the bears are most confident, most certain, and least willing to admit they are wrong.
When you see the monthly line as a straight line, but the whole market is still looking for reasons to short, it’s often not the end of the trend, but an indication that the trend is about to enter an irrational phase.