1️⃣ Pure Bearish Faction: Merely based on breaking the 50-week moving average, it asserts a replication of the 2022 trend, targeting 40,000–50,000. It overlooks changes in structure, capital, and institutional environment; such linear extrapolation is meaningless.

2️⃣ Pure Bullish Faction: Macroeconomic cycles, interest rate reduction narratives, and Super Cycles all overlap, assuming risks disappear. It also ignores that any asset will experience bubbles and repricing during the upward process.