The previous round of BTC’s sharp decline was caused by the triple blow of “interest rate hikes + blowups + regulation”;
The current round of growth is still driven by the halving cycle, with US rate cuts serving as a boost. The yen rate hike is only a short-term disturbance, and the comprehensive warning from China’s seven associations affects sentiment but does not change the trend. There will still be a cyclical correction in 2026, but it will resemble a normal bear market rather than the on-chain credit collapse and crash of 2022.
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The previous round of BTC’s sharp decline was caused by the triple blow of “interest rate hikes + blowups + regulation”;
The current round of growth is still driven by the halving cycle, with US rate cuts serving as a boost. The yen rate hike is only a short-term disturbance, and the comprehensive warning from China’s seven associations affects sentiment but does not change the trend. There will still be a cyclical correction in 2026, but it will resemble a normal bear market rather than the on-chain credit collapse and crash of 2022.