By 2026, it will be here in the blink of an eye. If we really fall into a bear market, what will the entire market look like? Liquidity dried up, BTC with no trades, altcoins halved again and again... a 99% drop wouldn't be surprising.

At that point, faith and technical analysis both take a backseat. You need to calm down and ask yourself a few real questions.

First, look at your cash flow. Don't focus on those USDT in your exchange account—that's just a numbers game. The real test is how long your RMB in the bank account can last. If the market remains stagnant like this, with no improvement for a year or two, is your cash enough to pay rent? Enough to buy food? A more realistic question is, if your child needs tuition fees, can you hold out? Or will you be forced to sell your coins tears in your eyes when you hit rock bottom?

The most tragic way to die in this circle is being defeated by life.

Don't comfort yourself with "as long as I don't sell, I haven't lost." Once your cash flow stops, you're faced with an unsolvable dilemma: either deliver food via takeout, work in a factory to survive, or cut your blood-stained chips to exchange for cash and live.

Is selling now a way out? It depends on what you're holding. If it's still all altcoins, don't dream of a rebound. To survive, you have to sell even at a 90% loss. If you don't sell today, next month you might not even get 10% residual value back, because most small coins end up the same: zero. This is called "amputating to survive."

Then clarify this: dump all low-tier coins and defunct VC projects. In a deep bear market, these are trash. Your only core holding should be BTC. Everything else is just vapor.

And then think of another question: do you still have bullets? Besides the money to maintain basic living expenses, do you have extra off-market income? Do you have idle USDT?

When everyone is screaming and selling off, and big influencers are quitting the scene, do you dare to go in and pick up those bloody chips? Can you, like an emotionless machine, continue to invest in BTC mechanically and steadily?

This is the key.

Never miss a bloodbath. Bull markets are for selling off, a stage for retail investors to celebrate. True wealth transfer happens in bear markets—when everyone is desperate.

The essence of this circle is cruel: those who can endure have achieved a class leap; those who can't endure become fuel for this cycle.