He is a big Fil investor and has a strong belief in Fil. So he is unwilling to sell at a loss. His mining cost is still much higher than it is now. The reason why he wants to know whether it is a bull market or a bear market is to adopt different investment plans:

If it is a bull market correction, then he will do nothing and just hold on.
If the market has already entered a bear market, he may consider changing positions or exiting some of his assets.

So let’s say the conclusion

Now it is neither a standard bull market nor a complete bear market, but it is indeed closer to a bear market in the short term, and in the long term it will inevitably enter a bull market in the next 2 to 3 years.

Currently, the actual price support of Bitcoin is around $70,000, without considering recession.

The main text begins below. Most friends can skip it as it is of no help in terms of price.