Matrixport published an article on the X platform stating: "The recent drop in Bitcoin's price below the key level we highlighted in our October 31, 2025 report has confirmed the downtrend. The current pullback's magnitude and pace are quite similar to historical downtrend phases. For investors, the focus has shifted from 'whether the trend has reversed' to 'when the next more worthwhile investment window will arrive.' Around the period from the end of 2024 to October 2025, Bitcoin repeatedly exhibited characteristics of the near end of its fifth bull market, indicating a gradual weakening of bullish momentum. With the price breaking below the aforementioned key level, this assessment has been confirmed, and the market has entered a bear market confirmation phase."