Here's my view on the future Bitcoin market: to start with the conclusion, I don't think $59,000 is the bottom of the bear market.

Although cryptocurrencies are still macro assets, they are actually a release valve for excess liquidity, which reaches the market through three channels: stablecoins, ETFs, and DAT (Digital Asset Treasury).
At this moment, none of these three aspects are reversing.
DAT managed assets have decreased from about $220 billion to around $140 billion, and aside from Strategy, Bitmine, and Strive, new financing has basically stopped.
ETFs have just recorded the longest outflow since their launch, and last week showed no signs of a turnaround.
Stablecoin flows follow the same outflow trend.
Looking back at how the last cycle actually started, there was a bottom and a recovery, but the real market move began in early 2024 when ETFs were approved, which was pre-traded, along with the capital it brought.
If the argument is to push back to $100k, the question is where that capital will come from.
Currently, institutions are on the sidelines, and retail investors are busy trading leveraged ETFs and individual stocks.
Before this trend reverses, it feels premature to call a bottom based on dip-buying.
We need to see structural momentum changes behind stablecoin minting/redemption, ETF flows, and/or DAT activity.
I've always followed a principle: don’t just listen to what the big players are saying, but observe what they are actually doing.
Right now, I haven't seen them engaging in large-scale dip-buying, so in the long term, I believe that the $59,000 level #我的Gate交易时刻 is not the bottom.