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Bitcoin's price rebounded from 57,800 to 66,900, nearly 9,000 points, then failed to break 66,900, broke below 65K, and is now hovering around 64,500. Some people started to worry: "Is it going to fall back into the 500s again?" Others think, "The bull market has started, and pullbacks are the right time to get on board." However, in the past two or three days, BitMEX and BitMart have successively shut down. Is this the start of a bull market or the end of a bear market? Those who understand understand, and those who don't can't wake those pretending to sleep. Since I can't wake up these people, I'll use multiple dimensions to thoroughly break down the bottom of this bear market, so you can clearly see whether this stage is the end of a bear market or the early stage of a bull market, and provide an executable framework for BTC spot bottom-fishing. Part One: What stage of the bear market does the weekly five-wave structure show? The 126,000 level dropped, following a full five-wave downward pattern on the weekly chart. First wave (October-November 2025): 126,000 to 90,000, initial decline after the top is established. Second wave (November 2025 - January 2026): 90,000 to 105,000, rebound and recovery. Third wave (January to May 2026): 105,000 to 63,000, main downward wave, with the largest and longest decline. Wave 4 (May-June 2026): 63,000 to 83,000, rebound wave. Wave 5 (June 2026 to present): 83,000 to current 64.50