Bitcoin has reached a crossroads.

Looking at the chart, all technical indicators are in intense oscillation—this state is often the calm before a major move. The short-term rebound is indeed strong, but from a structural perspective, the bottom has not yet been truly established. My straightforward judgment is: this wave of gains is just a rebound, and the real crash may have only just begun.

This is why I stick to a bearish outlook. Markets often complete their turning points in places most people dare not face—those despairing bottom areas. When the consensus is guessing how high the rebound can go, the real opportunity may already be waiting below.

The upcoming trend is crucial, as both bulls and bears are accumulating strength.