This round of decline has two basic scenarios:

One is a continuous downward trend, reaching around 1K, which is highly unlikely.
The other is a rebound around 1700,
which is now.

This year, due to the implementation of regulatory legislation,
there was also a very sharp decline,
and there is a high probability of another.

But before it actually takes effect,
there is often a rebound first.

This is market inertia
and emotional recovery.

The real test
comes after the rules are clarified.

Once the legislation is officially enforced,
centralized exchanges face
not just market trends,
but compliance pressures.

The future standard
will only align with Coinbase.

Capital markets require
transparency, auditing, custody, separation, and compliance reporting.

Those who do not meet the standards
must either rectify or exit.

At that time,
many altcoins
won't just decline,
but will lose trading scenarios.

Once liquidity disappears,
prices naturally drop to zero.

Centralized exchanges
will undergo a structural reshuffle.

Privacy coins,
under strict regulatory frameworks,
will face greater survival challenges.

This is not an emotional judgment,
but regulatory logic.

A bull market can be driven by liquidity,
but long-term sustainability
must rely on rules.