Since early February, I have considered this period to be a time for patience, so I have stepped back and have been observing the market from a distance. It is now approaching mid-March. However, based on the developments I currently observe in the market, the overall situation does not appear to have changed significantly. 1. Whether prices move up or down, the market continues to assign too much meaning to short-term structures and quickly builds expectations around them. In other words, if the price rises slightly from here or if a convincing narrative appears, expectations can increase rapidly. If the market were truly dominated by fear, this type of behavior would be unlikely to occur. 2. As time passes, if the current price range is truly an opportunity, it is possible that major players (whales) could begin accumulating gradually, even if that differs from my current expectation. I continue to watch for such signs, but based on my criteria, I have not yet seen clear evidence of this behavior. BTC market still appears to be in a rather serious condition. 3. My overall perspective has not changed. I am simply observing whether the current sideways range will last longer than expected or end sooner than anticipated.(mignolet)