I'm seeing Bitcoin in this downward cycle that has now lasted five months, and honestly, the relative uncertainty in the market is quite high. These patterns of negative sequences are not common – we haven't seen something like this with such intensity since 2018.

The thing is, there's a lot of relative uncertainty involved. It's hard to tell whether it's a true capitulation or just a consolidation before a recovery. Recent data shows BTC down 1% in the last 24 hours, but the 7-day outlook is +3%, so there's contradictory movement happening.

What stands out is that this negative sequence is breaking patterns we're used to seeing. When you look at the history, cycles like this are usually accompanied by a lot of relative uncertainty across the entire market, not just Bitcoin. Other assets are also in this swing.

In the end, we're in a period where relative uncertainty is what mostly defines the scenario. It's not clear where it's headed, and I think that's what's making everyone more cautious. Let's see how the next few months unfold.