The analyst discusses Bitcoin and Ethereum liquidations using a Coinglass chart, observing a significant spike in Bitcoin liquidations, reaching $507 million in a single hour. He notes that breaking news does not immediately explain the event and that this is a sign of an oncoming bear market. He compares the current market with past Bitcoin cycles, particularly 2021, highlighting similarities in the bear flag patterns and inverse head and shoulders formations. The analyst states there is a one-month lag time differences between cycles, but the cycle is playing out appropriately to past performance. He transitions to charts and explains that altcoins are delayed and Bitcoin has broken through very important support levels, mentioning the 200-day moving average and a critical break of weekly exponential moving average ribbons, leading to further downward pressure. Bitcoin, he states, has not reached a lower low but will retest it. He then examines historical data, observing that from peak to trough, 1034 days have occurred, which is consistent over several cycles, the 2025 top will see that pattern repeat itself.