Is it a bear market now? Definitely, but I don't think it will be a bear market for more than a year like before. In the first half of this year, $BTC fell from 109,000 to 74,000, and $ETH dropped from 4,200 to around 1,300, with altcoins averaging a decline of over 70%. So, from January to June this year, it can be said that it was a bear market. Many people stubbornly claim it is a bull market whipsaw, but a bull market whipsaw doesn't work like this.

Including this wave where BTC fell from 126,000 to 80,000, ETH from 4,900 to 2,600, and altcoins fell by 80%, this drop can be completely said to be a Bear Market. However, with Trump in office, Wall Street entering the market, and the cryptocurrency market becoming more like U.S. stocks, these factors will make the coin market increasingly resemble the movements of U.S. stocks, with more violent Whipsaw and a significantly shortened Bear Market duration. Therefore, there is no need to feel despair about this wave of Bear Market. The possibility of BTC falling more than 70% like in previous Bear Markets is quite low. This wave of Bear Market's Whipsaw may be completed, and BTC could take off again by mid-next year. When it breaks new highs then, don’t be surprised. The new normal in the coin market requires adaptation to new strategies. The four-year cycle will end in 2025, and 2026 will mark the start of a new cycle; however, this cycle will follow the cycles of the cryptocurrency market along with U.S. stocks.
Of course, the above analysis is only for $BTC and mainstream coins that have passed the ETF.