Throughout both February and March, there was a strong sense that a sharp move either up or down could happen at any moment. Yet in reality, the Bitcoin market has remained stuck in a sideways range. I’ve said that if there were any clear signs of a potential upside reversal during this waiting phase, I would point them out. But so far, no such signals have emerged. The situation still looks quite serious. From this perspective, a faster move to the downside would actually be preferable. It could lead to a more efficient adjustment in terms of the magnitude of the decline. If the market produces another bounce at this level, it will likely fuel yet another expectation-driven narrative, and in that case, I believe there is a high probability that a much larger shock could follow afterward.(mignolet)