This kind of bottom reversal, many newcomers in various channels probably haven't experienced it

March 2023

At that time, Bitcoin was around 15,000 at the end of December 2022, and during the Spring Festival in January 2023, the market rose, peaking at 25,000, then began to pull back in late February

Silvergate was a small bank in the United States at that time, known for being friendly to the crypto industry, with many funds entering and exiting the crypto space using this bank

Then this bank went bankrupt, causing panic, and the U.S. government refused to provide assistance (at that time implementing the chockpoint 2.0 operation, which was hostile to the crypto space)

Also going bankrupt at that time was First Republic Bank, another regional bank

Bitcoin directly dropped from 25,000 to 18,500, about a 30% drop from the peak, and altcoins fell even more

At that time, everyone also directly saw a bear market, returning to 15,000 for continued oscillation, but eventually, at 18,500, there was an extreme V reversal, and it pushed towards 30,000 again

After pushing towards 30,000, it oscillated at a high level for a while in May and June, then fell again in August 18, and only took off after consolidating for two months

If the situation is somewhat similar, and a comparison can be made

1. 78,200 is the bottom, which can be basically confirmed, and it is difficult to break below

2. After a bottom reversal, the market does not directly rise continuously; there is a chance of falling again after consolidating at a high level

3. Before truly taking off, there should be a period of sideways movement, and only after extreme tightening of volatility can it take off again (this was the case after August 18 and after May 5)