This cryptocurrency crash is very similar to a prolonged version of the March 12th crash, although the causes and macroeconomic conditions are different. Both involve extreme deleveraging within a short period. Is this kind of short-term liquidity crunch a true bear market? I still find it difficult to define. We need to observe the further evolution of the external macroeconomic environment: whether the AI ​​computing power bubble will burst, whether the US stock market will experience a deep correction, and the specific Fed policies after Warsh takes office, etc. At this price, BTC is a great opportunity to start dollar-cost averaging in the spot market. However, avoid leverage and refrain from long or short, as significant market volatility could wipe you out.