TechFlow News: On February 26, qw, co-founder of AllianceDAO, posted on social media stating that although market participants have spent months searching for scapegoats for the Bitcoin bear market—such as Jane Street, quantum computing, or software-related sell-offs—Bitcoin, as an asset unanchored by cash flows, experiences price volatility primarily driven by technical analysis, which is fundamentally a reflection of crowd psychology. More investors believe in the four-year cycle theory than the five-year cycle; once the trend breaks, investors rush to take profits or cut losses. The market may now be entering a phase of psychological capitulation, and a trend reversal does not necessarily require a specific catalyst.
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