In a recent post, Jiang Zhuoer, founder of Bitcoin mining pool B.TOP, said that Bitcoin's previous three major bottoms were all accompanied by high losses and large volatility, while the current market is characterized by insufficient losses and relatively small fluctuations. He believes that rather than betting on an unprecedented 'calm bottom,' it is more appropriate to view the present situation as a 'breathing phase' during the bottoming process. To illustrate his point, Jiang cited the 2018 market: BTC's $6,000 level was tested multiple times and many investors viewed it as a bottom that would not break. Before the breakdown, BTC traded sideways in the $6,000-$7,000 range for about two and a half months, which he likened to the current two-month sideways movement between $60,000 and $70,000. The price subsequently fell to $3,000. Jiang's comparison draws a parallel between the two consolidation patterns, suggesting that the current range may be similar to the pre-breakdown phase in 2018.
ChainCatcher reports that Jiang Zhuoer, founder of mining pool B.TOP, said in a post that Bitcoin's previous three major bottoms were all accompanied by "high losses and large volatility," while the current characteristic is "losses not high enough and relatively small volatility."
Instead of betting on an unprecedented "calm bottom," he suggests treating it as a "breathing phase" during the bottoming process.
Jiang cited the 2018 market as an example. At that time, BTC's $6,000 level was tested multiple times and was considered by many investors as a bottom that would not break. Before breaking below, BTC traded sideways in the $6,000-$7,000 range for about two and a half months, which is similar to the current two-month sideways movement in the $60,000-$70,000 range. The price subsequently fell to $3,000.
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