Another wave of adjustment. On December 23, Bitcoin and Ethereum both fell back, and the market is filled with a lot of pessimistic sentiment—has a new round of decline begun?

Instead of panicking, it's better to look at history. The crypto market actually follows a pattern. Since the birth of Bitcoin in 2009, almost every stage has repeated the cycle of 'boom → bubble → burst → cool down → recovery'. The current downturn? It's simply part of the cycle rotation.

Looking at it from a broader perspective, the development of Bitcoin can be divided into several distinct stages. The period from 2009 to 2016 was an exploratory phase, and the dramatic rise and fall in 2013 was the market's first attempt. From 2016 to 2018, Ethereum's smart contract technology sparked the ICO boom, with everyone rushing to take advantage of it. As a result, in September 2017, there was a regulatory crackdown, and the bubble burst.

From 2018 to 2020, during this period, the market cleared out in pain, and many inferior projects disappeared. However, it was precisely this process that paved the way for the later entry of institutions. In other words, each adjustment and rupture is not the end but rather a foundation for the next round of growth. The current downward trend of the A wave, when viewed within this larger cyclical framework, is actually the market reshuffling.