Typically, at the beginning of the second half of a bear market, many people truly start to realize that the bear has arrived. It's also the stage where some funds, especially large ones, that believed 'this time is different' begin to capitulate. The lowest point of the decline during this stage usually comes with a rebound buffer period. How long this period lasts is hard to predict, especially since the speed of this decline has exceeded expectations... This buffer period is also a zone for a significant exchange of chips.