A month later, legendary trader Pigeon Eugene expressed his market views. He believes it is now time to start planning the watchlist and buy targets, as most altcoins have already entered the bottom stage.

However, mainstream coins are still in the stage before despair, as many DAT micro-strategy companies have not yet experienced the de-leveraging or dissolution events.

So he is currently observing with a mindset prepared to buy.

Note: DAT is an entity aimed at accumulating cryptocurrencies, with most companies listed on the US stock market.

Regarding the stages mentioned by Pigeon:

Third Stage - Optimism: The mainstream media's attention is at its peak, mainstream coins are consolidating, some small coins are rising absurdly, the last batch of latecomers enters the market, and there is extreme complacency; any bearish opinion will be criticized.

Fourth Stage - Pre-Panic: Large-scale liquidations confirm trend reversals, all good news immediately turns into bad news, liquidation and explosion events occur frequently, one support level breaks after another, and bulls are repeatedly punished.

Fifth Stage - Bottom: Bulls will still be punished, prices move sideways overall, neither up nor down, with low trading volume and volatility.

Currently, he believes most altcoins are in the fifth stage, while mainstream coins are in the fourth, and the turning point is whether most micro-strategy companies will encounter problems.