Why Bitcoin’s Decline Has Not Yet Reached Investors’ Maximum Pain Point
Veteran analysts, ever the optimists-or perhaps just prudent cynics-suggest that there might still be a morsel of opportunity at lower price levels. But don’t get too giddy, dear reader, for the ominous clouds of geopolitical tensions loom ever closer. March promises to be a month of risk, in case the market wasn’t already volatile enough.


![Numerical solutions demonstrate that for [latex]m=2[/latex] and [latex]m=4[/latex], the behavior of [latex]h[/latex], [latex]\bar{\phi} - \bar{\phi}_0[/latex], and [latex]{\cal M}/M_0[/latex] as functions of [latex]r/r_0[/latex] exhibits qualitative similarities, particularly in the minima of [latex]h[/latex], despite slight variations in asymptotic values of [latex]\bar{\phi}[/latex], and occurs with parameter choices where α is just below the critical value necessary for photon ring formation.](https://arxiv.org/html/2602.23657v1/2602.23657v1/x4.png)



