Can the myth at the beginning of #美联储重启降息步伐 be repeated? This recent pullback in Bitcoin has made many people start to question everything.

Ophelia Snyder, co-founder of 21Shares, put it quite bluntly recently: Don’t expect a repeat of this year’s early surge next January. It sounds harsh, but think about it—Bitcoin slid all the way down from October’s high of $125,000 to around $92,000 now, a 10% drop in a month, and the aftershocks of that previous $19 billion liquidation are still lingering. Market sentiment is definitely stretched thin.

But here’s the interesting part. While Snyder is bearish in the short term, she’s still bullish long-term. The logic is simple: The ETF channel continues to widen, institutional funds—even sovereign wealth funds—are quietly allocating, and the narrative of Bitcoin as “digital gold” is even stronger. This recent dip is mostly dragged down by macro risk-off sentiment—when global markets get nervous, every asset shakes a little.

So what should retail investors do? Buy the dip or run for the exits?

Honestly, don’t let short-term price charts lead you by the nose. If you’re still lightly invested, this kind of pullback is actually a window to enter in batches; if you’re already heavily invested, then hold tight and wait for the trend to turn—don’t give up your ammo at the bottom. Sharp drops are normal in bull markets, and rebounds are routine in bear markets. The key is to hold a position size that lets you sleep at night.

Chances are, the January market won’t play out exactly like last year, but the Bitcoin story is clearly not over yet. Don’t panic when it drops, and don’t get carried away when it surges—that’s the mindset you need after a few cycles. The market will always fluctuate, but only those who can hold on will have the last laugh.