Sharing my thoughts on the current $BTC chart and possible mid-term trends: 1. Right now, the characteristics of late-stage bear markets for BTC are super obvious: low volatility, low buzz, and you can clearly feel the drop in participation (retail investors) and capital. Even though this makes it tough for those still in the market, it’s actually a good thing. Looking back at history, every bear market bottom for BTC has gone through this kind of extremely boring phase. Take the last bear market bottom (end of 2022) as an example—Bitcoin was under $20,000. From early November, it went sideways for two months until early January before starting a new trend. Same story: painfully low volatility and dull price action. 2. (See Chart 2) Right now, on the daily chart, the three short-term moving averages (EMA21, MA30, MA60) have completely flattened and converged. The most likely scenario is a move up to test the longer-term moving averages (MA120, MA200), and then a continuation downward to find the bottom. Honestly, whether it breaks the previous low or not doesn’t matter much anymore. In my opinion, unless there’s some major negative news (like the FTX collapse), even if it breaks $15,700, it won’t go much lower. Here’s why: Since Bitcoin has been consolidating at this level, it shows that it’s not easy to push the price lower. For the big players, the key question is: if they spend money to push the price down, can they buy back at lower levels? Or will someone else scoop it up? The best strategy for them is to keep the price in a sideways range, shake out the weak hands, and then move up with the diamond hands who share the same conviction. There’s really not much else to expect. Now, it’s just a matter of time.