PANews reported on December 28th that crypto analyst Plan C stated in an article on the X platform that although Bitcoin reached an all-time high in USD terms in 2025, it was actually in a downtrend by the end of the year. Furthermore, Bitcoin's price traded sideways around $100,000 for most of the year, significantly underperforming assets like silver, gold, and the S&P 500. Therefore, even though most people would consider 2025 a bull market according to the classic definition, this year should essentially be considered a "hidden bear market."