Analysts: Short-term BTC investors have not yet fully capitulated, and it is still too early to judge the Bear Market.

On November 15, CryptoQuant analyst CrazzyBlockk stated that the Bitcoin market is heavily influenced by the profit status of new entrants, who represent new funds and Liquidity. When this group of investors realizes profits, market confidence is strengthened, allowing the dynamic rising trend to continue. When short-term holders face losses of 20%-40%, it often triggers panic dumping. In past situations, this level of pain marked the market entering a phase of full Capitulation. However, in terms of the current loss magnitude of this group, we are still far from a typical Bear Market signal. If new entrants can realize some profits, market support will gradually form, and this pullback is more likely to become a “mid-cycle correction” rather than the beginning of a Bear Market.