$BTC dropped from a peak of 126000 to 89000, a decline of nearly 30%. $ETH fell from a peak of 4900 to 2900, a drop of nearly 40%! Such a decline would be fatal in any market, and it would definitely be classified as a bear market, or simply defined as a crash...

But this is the crypto market, the most vibrant digital realm, where traditional judgment standards do not apply. Bitcoin has seen declines of 20%-30% during its bull market progress, with instances of flash crashes exceeding 20% occurring as many as 6 times during the 2016-17 bull market. However, Bitcoin ultimately recovered from these declines and reached new highs. On March 12, 2020, it even experienced a flash crash of 60%, yet this did not prevent Bitcoin from reaching new highs and initiating a violent wave! Because the supply shock from halving is still ongoing, a decline does not pose a fundamental threat; at most, it will only slow down the bull market's progress. Only a collapse of consensus would do that!

An uptrend is the standard path to unleash a violent bull market, but a downturn can open up the imaginative space of the bull market..