Here's a viewpoint: The bearish factors for BTC have basically completed their release.

The consensus of the four-year cycle and the historical "experience" of consecutive crashes triggered by 2022 liquidity conditions:

Made expectations complete the release of bearish factors in a relatively short timeframe (April 2025 ~ February 2026) directly.

BTC dropped directly to near the previous high, then oscillated around the previous high.

Next, whether BTC's bottom is at 60,000, 50,000, 40,000... mainly depends on the macro environment and US stocks.