Long-term holders’ price sensitivity keeps rising! If we’re “carving the boat for a sword” here, the time it took to reach similar levels in the last 3 cycles was: 2014.9.18, 2018.6.23, 2022.5.7, and the upcoming 2026.2.4. Around these timestamps, certain events pushed BTC deep into bear territory: 🚩 Sept 18, 2014: The aftermath of Mt. Gox collapse kept brewing. After September, the Chinese government announced a crackdown on BTC and crypto. 🚩 June 23, 2018: China fully banned crypto exchanges and ICOs; top Korean exchange Bithumb got hacked. 🚩 May 7, 2022: The Luna ecosystem imploded, FTX went bankrupt. As the saying goes, “Tops are a process, bottoms are an event” — maybe where we’re standing now, all that’s left to hit the bottom is one last black swan. That final shakeout, where LTHs capitulate under high sensitivity, might just mark the end of this downtrend! What will happen in 2026...? (The good news: if you “carve the boat” and buy now, then diamond hand it till the next cycle, there’s a 99% chance you won’t lose money.)