Svmuu News According to CK Zheng, founder of crypto hedge fund ZX Squared Capital, Bitcoin has entered a deep bear market phase. As the influence of the "four-year cycle" intensifies, the price could potentially drop by approximately 30% further in 2026. Previously, Bitcoin hit a historical high of over $126,000 in October 2025, roughly 16-18 months after the halving in April 2024, and has now retreated to around $68,000. This trajectory largely aligns with the four-year cycle pattern centered around halving events. The psychological behavior of retail investors chasing rallies during market euphoria and selling during panic has reinforced this bear market cycle. Meanwhile, institutional adoption remains limited, with crypto ETFs and digital asset reserve companies accounting for only about 10% of the overall market. In a bear market environment, some companies holding Bitcoin as a reserve asset may be forced to sell due to debt repayment pressures, thereby exacerbating the market's downward pressure. (CoinDesk)