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Bitcoin's current position below $80,000 raises questions about whether the bull market is over and if a bear market is beginning. Observers note that while bullish trends historically indicate a steady climb, recent conditions suggest a potential downturn due to a combination of market cycles and macroeconomic factors. As investors assess the data from past cycles, it's evident that significant market uncertainty prevails, particularly as indicators point towards possible wealth destruction and reduced trading enthusiasm. The analysis emphasizes the importance of understanding these market dynamics to position investment strategies effectively going forward.