Let's share with everyone about Bitcoin. From 2008 to now in 2026, across four bull markets, the historical depth of each correction during these bull cycles, providing a realistic assessment. From the bull market phases, whether partial or at the peak, the maximum decline in each:

1. 2011 First Bull Market
⚠️ Peak: $33, Low: $2
⚠️ Maximum Drawdown: approximately 94%
Core characteristics: Very early stage of the market, only early adopters involved, extremely poor liquidity, severe corrections, no reference value

2. 2013 Second Bull Market
⚠️ Peak: $1150, Low: $150
⚠️ Maximum Drawdown: approximately 87%
Core characteristics: First time entering the public eye, immature exchange system, fragile market structure

3. 2017 Third Bull Market
⚠️ Peak: $19,000, Low: $3,200
⚠️ Maximum Drawdown: approximately 84%
Core characteristics: ICO bubble burst, rampant leverage and junk assets, correction depth begins to converge

4. 2021 Fourth Bull Market
⚠️ Peak: $69,000, Low: $15,000
⚠️ Maximum Drawdown: approximately 77%
Core characteristics: Institutional entry, spot ETF expectations formed, mining industry matured, corrections continue to converge.

The maximum correction in each Bitcoin bull market has been systematically decreasing, with correction amplitudes gradually converging, and bottom support levels continuously rising.

Core judgment on this round's extreme correction:
1. Extreme correction range: Based on historical convergence patterns, the maximum correction in this cycle is highly likely between 65%-72%, corresponding to a price range of $35,000-$45,000, and will not see extreme corrections over 80%.

2. Key support levels
⚠️ Short-term defensive zone: $71,000-$74,000 (high region before 2024)
⚠️ Medium-term strong support: $58,000-$69,000 (concentrated trading zone)
⚠️ Ultimate hard bottom: $35,000-$45,000 (institutional cost + historical resonance zone)

It is recommended to focus on signals of volume stabilization at support levels, on-chain chip turnover data, and ETF capital flows. Gradually deploy in core support zones, strictly control positions, avoid blindly bottom-fishing or extreme pessimism, and seize the certainty opportunities within the cycle adjustment.