The consensus around Bitcoin at $60k is still very strong. The shorts close their positions here too, and the longs also buy the dip here. But if this round of the bear market bottoms out at $60k, then in the next round there really won’t be much to play. The $60k level isn’t attractive to large capital. MicroStrategy and some other institutions only buy and don’t push the price up. In plain terms, they hold it around $60k to prevent it from falling, but they can’t pull it up either—so all it comes down to is that the market has to trade sideways for a long time, giving people the impression that it’s forming a bottom. As long as the price doesn’t drop, other institutions can’t enter, and the market just keeps oscillating like this. In the end, the entire crypto market becomes like stagnant water in a jar.

Personally, I think in this bear market, the $40k–$50k area is a more suitable spot. If the bear market is brutal enough to fall to around $30k, or even briefly wick just below $30k, that would be best. Then the next bull market will be a truly booming blockchain revolution.

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