Odaily Planet Daily reports: Jiang Zhuo'er posted on X that the current market condition is characterized by "insufficient losses and low volatility." The market should not easily assume this is an unprecedented "calm bottom," as it is more likely just a "breathing phase" during the bottom-finding process.
He noted that similar situations have occurred frequently in history. During the 2018 bear market, Bitcoin’s price tested support near $6,000 multiple times, leading many to believe this level was a “steel bottom.” However, after consolidating between $6,000 and $7,000 for approximately two and a half months, Bitcoin eventually dropped to around $3,000.
Jiang Zhuo'er stated that Bitcoin's recent two-month consolidation range between $60,000 and $70,000 resembles its behavior at the $6,000 level in 2018, and investors should remain cautious of the potential for further downside beneath this short-term stability.