When bear markets show their true face—complete capitulation. The damage is real: portfolio decimation, liquidations cascading through the market, weak hands getting shaken out at the bottom. But here's the thing: every bottom has already been priced in before it feels that way. The worst capitulation is when traders finally give up and accept the loss. That's often when the pain stops. The bear isn't dead until everyone believes it is. And when they do? That's usually when the narrative starts to shift.