BTC has always entered a bear market after breaking below the annual moving average, and this time is no exception. After falling below $100,000 on November 12th last month, it has already broken the annual moving average. Therefore, BTC has been technically in a bear market cycle for over two months. If the four-year bull-bear cycle for BTC is still valid, then the bottom of this bear market will be around $45,000, and the next bull market's peak will be near $280,000.

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