ChainCatcher 消息，据 CoinDesk 报道，加密对冲基金 ZX Squared Capital 创始人 CK Zheng 表示，比特币已进入深度熊市阶段，随着“四年周期”影响增强，价格在 2026 年可能进一步下跌约 30%。
此前比特币在 2024 年 4 月减半约 16–18 个月后于 2025 年 10 月触及逾 12.6 万美元历史高点，目前已回落至约 6.8 万美元，走势基本符合以减半为核心的四年周期规律，散户在市场狂热时追涨、恐慌时抛售的心理行为强化了本轮熊市周期，同时机构采用仍然有限，加密 ETF 与数字资产储备公司的规模仅占整体市场约 10%。在熊市环境下，部分将比特币作为资产储备的公司可能因偿债压力被迫抛售资产，从而加剧市场下行压力。
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