According to Golden Finance, Bitcoin’s current price fell 22% from the all-time high of $109,000 set on January 20, Trump’s inauguration day. Although investor sentiment has fallen into the "extremely fear" area many times, crypto analysts generally believe that the Bitcoin bull market cycle has not yet ended, and this decline may be a "shaking position" - that is, a sharp drop caused by concentrated closing of long positions, followed by a rapid rebound. Bitfinex analysts pointed out, "The turning of a number of key technical indicators into bear has triggered speculation about the early end of the bull market. But the four-year cycle of Bitcoin is still a key factor, and history shows that the pullback in the bull market is normal, and this is more likely to be a shock than a bear market start. The bottom of Bitcoin may be formed in parallel with the US stock market (especially the S&P 500), with US$72,000 to US$73,000 still a key support range, but global Treasury yields and stock market trends will dominate Bitcoin's next trend. The risks of the trade war have been partially priced, but long-term economic pressure may suppress sentiment." Nexo analyst Iliya Kalchev said, “Although Bitcoin’s four-year compound annual growth rate (CAGR) fell to an all-time low of 8%, the halving event is still crucial to the long-term price movement, with the April 2024 lowering the block reward to 3.125 BTC, and Bitcoin has accumulated more than 31% since then. Although ETF buying brought by institutional adoption over the past year has become the main push, the halving effect will continue to affect the market.”