#比特币价格分析# Reviewing the Bitcoin market over the years, it has truly been full of ups and downs. Recently, I saw that Julio Moreno, the research director at CryptoQuant, analyzed that the Bitcoin Bull Market Index has shifted from "bullish cooling" to "neutral," with the index dropping from 70 to 50. This reminds me of the crazy bull run at the end of 2017, when everyone thought Bitcoin would soar to a hundred thousand dollars, only to face a long Bear Market. Now market sentiment is starting to fluctuate again, which may indicate that we are at a critical turning point. From historical experience, such a neutral state often means the market is about to welcome a new direction. However, for Crypto Veterans, whether in a bull run or a Bear Market, maintaining rationality and risk awareness is the key to long-term survival. After all, in this highly cyclical market, excessive optimism and pessimism can both lead to disastrous consequences. We must remain vigilant, manage risk properly, and patiently wait for the next clear trend to emerge.