Recently, the crypto world has been quite chaotic again.

BTC has been oscillating between 66k and 68k, and the Fear & Greed index has dropped to extreme fear levels. Everywhere in groups and on social media, there are voices saying "a bear market is coming" and "this time is different." Honestly, seeing these over the past couple of days has been pretty frustrating, and I haven't been sleeping well.

But the more this happens, the more I force myself to put down my phone and review historical candlestick charts and past cycle records.

Almost every major bottom has been accompanied by this kind of "doomsday" despair. At the end of 2018 and the tail end of the 2022 bear market, everyone thought crypto was doomed. But what happened? The chips were washed clean, and smart money quietly started to enter the market.

This halving didn't bring the immediate pump we imagined, but institutional inflows via ETFs haven't stopped. The macro environment is indeed tough—geopolitical conflicts, high oil prices, strong risk aversion—but it also proves that Bitcoin's "digital gold" attribute is useful at critical moments.

Those new on-chain developments—AI Agents, RWA, DePIN—haven't exploded yet, but the underlying infrastructure and developer activity have been quietly progressing all along.

I'm not here to call the bottom, nor am I advising anyone to go all-in now. I just want to tell brothers who are struggling: Bull markets are never born in a wave of optimism and FOMO. They always slowly build up when most people are cursing, fleeing, and utterly disappointed.

Are you going to keep following your emotions now, or are you willing to extend your time horizon and wait a bit longer?

Feel free to share your thoughts in the comments.