The current fragmentation in the crypto space is quite obvious. On one side, the bears are shouting "drop" in various channels, with terms like "top divergence" and "bullish signals exhausted" becoming daily phrases. On the other side, holders remain silent, even adding to their positions during major pullbacks. It sounds contradictory, but in reality, both groups have fallen into the trap of emotions.

The real investment opportunity doesn't come from emotional confrontation but from information asymmetry. Many people focus solely on candlestick patterns when analyzing the $90,000 level, but they overlook a bigger context—the crypto market is undergoing a transformation, shifting from pure speculation to a system-level asset allocation. The valuation logic of BTC has long changed. Looking from a different perspective, the current $90,000 could be just the starting price within a future valuation framework.

How to judge if the market has momentum? My experience over the years can be summarized in one sentence: don’t focus on the price, watch the flow of money. Recently, I noticed a very interesting phenomenon—those selling BTC are mainly short-term traders with positions held for less than 3 months, while the buyers are long-term players who have been holding for over a year. This "short-term sell, long-term buy" transfer of chips is actually a sign that the bull market is just beginning, and we are still far from the top.

Another common misconception: "Long periods of sideways movement must lead to a decline." This is a simplistic and crude understanding of the market. Sideways movement is essentially a tug-of-war between bulls and bears; the direction of the breakout ultimately depends on which side has stronger supply and demand. Currently, the sell orders can no longer be contained, while buy orders continue to flood in. This imbalance cannot last long—there's a much higher probability of an upward breakout.