Deep Tide TechFlow News, February 26th, AllianceDAO co-founder qw posted on social media that although market participants have spent months looking for scapegoats for the Bitcoin bear market (such as Jane Street, quantum computing, software sell-offs, etc.), Bitcoin as an asset not anchored by cash flow's price fluctuations are mainly driven by technical analysis, which is essentially a reflection of crowd psychology. Believers in the four-year cycle theory outnumber those in the five-year cycle. When the trend is broken, investors tend to take profits or cut losses. Currently, the market may have entered a phase of psychological surrender, and a trend reversal does not necessarily require a specific catalyst.