$BTC The logic behind the pancake (market) is actually simpler. Many people say that we are currently in a bear market, and the macro environment still doesn't have any expectations of interest rate hikes. Even if the Federal Reserve has no expectations at all, it can't be considered a true bear market. After 1011, there was a significant divergence between Bitcoin, gold, and US stocks. Recently, the weakening trend was mainly caused by an, with Bitcoin rising from 15,000 to 120,000 in a bull market. Currently, we are in the end of a weekly three-wave correction phase. In my personal view, the possibility of a further decline into a five-wave move is very low. The macro environment and uncertainties are not as pessimistic. I am optimistic about the same bottoming process after 519 in 2021, followed by a break above previous highs. Both the monthly and weekly charts need to fill the upper gaps. There are too many bears, so I will be taking all long positions at this stage.