It’s been more than half a year since the halving—where’s that promised super bull market? Instead, Bitcoin has slid 30% from its highs and is now just lingering around $90,000, barely moving. It’s hard not to feel anxious just watching it.

But honestly, this market performance isn’t all that surprising. Market sentiment is like someone who just got off a drop tower ride—still shaky-legged and dazed. How can you expect it to immediately decide whether the next move is to take off or keep slumping? Even the market itself is confused.

This stage really is tough. Everyone’s stuck in limbo—afraid to jump in and get left holding the bag, but also scared of missing out if they just sit back and watch. This is one of the most grinding periods in the cycle: noisy, volatile, and everyone’s unsure.

But money has a mind of its own—it finds its own way. Once Bitcoin shows even a little stability, funds will start flowing elsewhere. Just look at those Ethereum L2 projects, with total value locked hitting $80 billion. Over in DeFi, and with the combination of AI and blockchain, it feels like something big is about to happen. Keep an eye on any corner of the chain that starts heating up.

On the macro side, things are interesting. The probability of a Fed rate cut in December is already pushing 90%—that’s clear positive news for risk assets. As long as inflation doesn’t suddenly act up, the outlook is likely to stay optimistic. Of course, if the Fed suddenly flips its stance, the market will definitely get shaken up in the short term.

Technically, if we get a breakout with strong volume, sentiment and capital could ignite in an instant. If we can’t break through, then we’ll have to pull back and look for support. Large wallet movements and changes in trading volume over the next few days are worth watching closely.

Right now, everyone’s nerves are stretched thin and sentiment is leaning toward fear. But often, these moments are when opportunities for bargain entries pop up. Of course, the risks are real, too—regulatory moves, protocol vulnerabilities, any of these popping up could stir the market for a while.