PANews reported on March 7th, citing CoinDesk, that CK Zheng, founder of crypto hedge fund ZX Squared Capital, stated that Bitcoin has entered a deep bear market. With the increasing influence of the "four-year cycle," the price could fall by approximately 30% in 2026. Previously, Bitcoin reached an all-time high of over $126,000 in October 2025, approximately 16-18 months after its April 2024 halving. It has since fallen back to around $68,000, largely conforming to the four-year cycle pattern centered around the halving. The psychology of retail investors chasing rallies during market frenzies and selling during panics 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 an asset reserve may be forced to sell assets due to debt repayment pressures, further exacerbating downward market pressure.