Wu said that AllianceDAO co-founder @QwQiao wrote that people have spent months looking for scapegoats for the Bitcoin bear market (such as Jane Street, Quantum, software sell-offs, etc.), but ultimately, as an asset without cash flow anchors, the main driver of Bitcoin's price movements is simply "technical analysis (TA)," which is essentially psychology. More people believe in the four-year cycle than the five-year cycle. Once the trend is broken, people start taking profits or cutting losses. Most other explanations are more like correlations rather than causations. He added that now it only takes patience to wait for the public psychology to completely surrender (perhaps it has already happened) and wait for a trend reversal, which doesn't necessarily require a catalyst.