Market perception of a bear market has undergone an interesting evolution.

Initially, only a few people sensed that a trend might reverse, while most investors were still immersed in the bullish narrative and found it difficult to adjust their mindset quickly. Over time, more and more people began to accept the reality of a bear market—especially when weekly high and low points showed a continuous downward trend, making this shift more apparent and gradually forming a market consensus.

By the final stage, almost all participants acknowledged the existence of a bear market. This often results from prices repeatedly oscillating in the bottom area, forming a huge U-shaped reversal pattern. This process is long and torturous, making the bear market seem like an eternal existence.

Essentially, this reflects the typical psychological cycle of market sentiment from optimism → skepticism → despair, and is also one of the important references for judging the bottom.