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Bitcoin price rebounded nearly 9,000 points from 57,800 to 66,900, then failed to surpass 66,900, broke below 65K, and is now hovering around 64,500. Some are starting to get anxious: "Is it going to drop back to the 50K range?" Others think, "The bull market has started; the pullback is a buying opportunity." However, in the past two or three days, BitMEX and BitMart exchanges have successively shut down. Whether this signals the start of a bull market or the end of a bear market, those who understand know, and those who don't can't be awakened from their pretended sleep. Since these people can't be awakened, I will use multiple dimensions below to thoroughly analyze the bottom of this bear market, so you can clearly see whether the current stage is the end of the bear market or the beginning of the bull market, and provide an actionable BTC spot bottom-fishing framework. Part One: What stage is the bear market at according to the weekly five-wave structure? From 126,000 down, on the weekly level, it follows a complete five-wave downward structure. Wave 1 (October-November 2025): 126,000 to 90,000, initial decline after the top is established. Wave 2 (November 2025-January 2026): 90,000 to 105,000, rebound correction. Wave 3 (January-May 2026): 105,000 to 63,000, main downward wave, largest drop and longest duration. Wave 4 (May-June 2026): 63,000 to 83,000, rebound wave. Wave 5 (June 2026 to present): 83,000 to current 64,50