Bitcoin is facing a five-month consecutive downtrend, marking its worst performance since 2018. Observing the market, it becomes clear that this is not just a simple price correction but a more fundamental imbalance is breaking down.

Looking at recent charts, BTC is clearly in a transition phase from an upward trend to a downward trend. This breakdown in equilibrium is likely the result of a combination of institutional investors adjusting their positions, changes in the macroeconomic environment, and worsening market sentiment.

Compared to the decline in 2018, there was a similar long-term imbalance that broke down at that time. However, the current market structure is different, with changes in liquidity quality and participant composition. Still, the pattern of continuous decline is similar, indicating the fundamental nature of market cycles.

What concerns me is how long this broken equilibrium will last. Many analysts see this as part of the bottom formation process, but technically, support levels that can be confirmed are still lower. Among market participants, opinions are divided on where this decline will stop and when the balance will be reestablished.

It is likely to take some time before the Bitcoin market's equilibrium normalizes. Short-term volatility will probably continue, but I believe this is a phase worth watching for long-term investors.