This time it really has bottomed out.

The recent plunge in Bitcoin has left bulls unable to lift their heads—200,000 people were liquidated within 48 hours, with a total amount of only 450 million dollars. Doing the math, that's less than 3,000 dollars per person. In the past, with such a drop, the liquidation amount would have started in the tens of billions, right? Now, this figure only indicates that both institutional and retail investors have had their pockets emptied.

To be honest, this bull market is the most frustrating one I have ever experienced.

In the past, everyone could band together to trade altcoins, cheering each other on by saying "Just hold on and it will double." But what about now? Bitcoin has skyrocketed from 15,000 to 120,000, an 8-fold increase; Ethereum has risen from 800 to 4,800, a 6-fold increase. But what about altcoins? They've been on a continuous decline, leading many to question their existence, and the market value of many coins is close to zero.

What’s even more magical is that the only "consensus" in the market now is to short. Opening the liquidation map, it’s densely packed with short positions hanging there, while the bulls have long since scattered—looks like most people no longer expect a rebound.

In the current market, bottom fishing is like catching flying knives; if you want to set up a rebound pattern, you'll get trapped in a second. The candlestick chart is erratic, jumping up and down with no pattern at all.

Perhaps next, the only thing the dealer can harvest is the short positions. After all, there is no more profit to be squeezed out from the long side.