There is an interesting reflexive system in the crypto market—people continuously bearish on certain coins, and negative expectations push prices lower, reinforcing the self-fulfilling prophecy of further decline. Under this logic, prices are bound to go down. The question is, are major players secretly accumulating during this process? It's hard to say.

Suppose altcoins fall into an eternal reflexive cycle, only continuing to decline. The logic is simple—continuous shorting can lead to stable profits. But in reality, things are rarely so linear. Once market sentiment shifts, and everyone’s interpretive frameworks change, the game begins.

Those traders habitually shorting are the most at risk at this moment. They may face liquidation at the last moment, forced to accept a new market narrative. Immediately after, the bullish traders start taking profits. But this upward cycle doesn’t last long either, until both bulls and spot holders suffer equally devastating losses.

This is the true nature of the reflexive system and the game: it’s not one-way suppression or rise, but a series of cyclical switches. Market psychology shifts from extreme pessimism to feverish optimism, then to collapse, repeatedly. Those who can identify these turning points are the ones who can survive longer.