What I emphasized in the $80K–$90K range still remains the same. Many indicators that market participants follow are pointing to a bottom and extreme fear. However, we do not see dominant players (whales) actually using this situation. No matter how many indicators suggest a bottom, if there is no real buying force stepping in, we cannot know where the true bottom will be. That is why I do not make price predictions lightly. During the 2024 bull cycle, even in the “green box” area (Photo 3), the market was filled with fear. But at that time, institutional buying through IBIT and FBTC clearly absorbed the selling pressure. Now, the situation is different. This is the most important point. accumulation pattern that FBTC maintained for about a year has already broken down (Photo 1). In addition, IBIT, which previously acted as a buffer during strong selling pressure, is now trending downward, unlike last year. btc market is still in a phase where we need to be cautious about further shocks. This is not the time to confidently call a bottom. Even if this level eventually turns out to be the bottom, it will likely take a long time to confirm it.(mignolet)