#PI $Pi continues to decline, yet people are still talking about a "rebound," as if a rebound is inevitable. Honestly, a genuine price recovery is structurally impossible at the moment. Liquidity is extremely scarce, actual demand is weak, and there is no influx of new capital. Without buyers, prices will not rebound; they will only continue to decline or stagnate.

The biggest issue is liquidity. When selling pressure exists and buying interest is insufficient, a sustainable rebound cannot occur. Any small upward movement in candles can be easily crushed because of a lack of trading volume support. That is not the market; that is a vacuum.

Then there is the Pi core team. Years of hype, delays, vague timelines, and zero accountability have destroyed market confidence. Trust is the foundation of any network; once trust is lost, prices will fluctuate accordingly. The market does not price based on dreams but on execution—and execution has always been lacking.

Unblocking, uncertainty, and the continuously growing supply will only make things worse. Even if market sentiment temporarily improves, what catalyst can overcome structural weaknesses? The lack of major liquidity channels, no clear intrinsic demand driven by utility, and a lack of transparency to restore confidence.

Recovery cannot be achieved through hope or slogans; it requires trading volume, liquidity, and trust—and currently, $Pi is severely lacking in all these fundamentals. Until these basics change, talking about recovery is just a stopgap, not genuine analysis.

Until there is contrary evidence, I am bearish.