BTC experienced a significant drop the day before yesterday, closing with a large bearish candlestick with high volume, which is also the largest bearish candlestick in the recent decline. This indicates that there has been a large amount of panic selling in the market.

Yesterday, BTC rebounded strongly from around 60000 to 71700, a rise of more than 11100 points, almost recovering most of the previous day's losses, demonstrating a strong rebound force. Does this mean that the market has bottomed out and it's time to buy in?

My view is that it is still not the right time to buy in. One should not blindly judge that the bottom has arrived just because of a short-term strong rebound. BTC has already experienced a significant pullback from its peak, and a rebound of ten thousand points in such volatility is a normal phenomenon; the market will not only decline without rising.

From a technical perspective, BTC is currently showing a large bullish candlestick with high volume, and the market has entered a phase of consolidation and upward movement. It is expected that there will not be a new low in the short term, and one could consider taking long positions during pullbacks. However, it still needs time to confirm whether 60000 can become an effective bottom.

I have always emphasized that a more prudent way to buy in is to patiently wait for clear signals of accumulation from the main capital to appear. Based on time cycles, the real bottoming phase for BTC is likely to occur in the second half of the year, which means the market may need about another six months for consolidation and adjustment. Therefore, choosing to buy in now is still too early.

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