Want to know where the bottom of BTC is?

Take a look at Bitcoin's historical cycle retracement data.
13 years down 86%, 17 years down 84%, 21 years down 77%, each time decreasing, what does this indicate?
Based on $126,000, a 77% retracement is $29,000, an 84% retracement is $20,000.
But I believe it won't repeat the worst historical scenario because the decline in each bear market has been weakening.
This time, I estimate a retracement of 65-70% is more reasonable, corresponding to the $38,000-$44,000 range.
The reason is simple: institutional funds have entered the market, ETFs are sitting there, and it's impossible to let retail investors buy at bargain prices.
The market isn't out of money; it's lacking enough panic. At this position, the big players are actually waiting for a lower entry point but are afraid to bet on a drop to historical depths.
So, a 65-70% retracement is basically the equilibrium point of the various forces at play.