After a recent sharp decline in both the US stock market and the cryptocurrency market, it is difficult to accurately predict where the bottom is, but some professional opinions and market factors can be analyzed. Below are some analyses:

Regarding the US stock market

• From the perspective of economic data and policy: The market expects that the Federal Reserve will maintain the current interest rates at the March meeting, but the possibility of a rate cut in May is approaching 50%. If subsequent economic data shows a relief in recession risks and better control of inflation, signals or actions from the Federal Reserve regarding interest rate cuts or other easing policies may become an important opportunity for the US stock market to stabilize.

• From the perspective of valuation: Some companies have lowered profit expectations due to a bleak economic outlook, putting pressure on stock market valuations. When market valuations return to a historically relatively reasonable range, the attractiveness to investors increases, potentially attracting funds back in and forming a bottom.

• From the perspective of market sentiment: Currently, panic sentiment is spreading, and investors are selling stocks en masse. When panic sentiment is released to the extreme, such as when the panic index reaches historical highs and then starts to decline, the market may gradually approach the bottom.

Regarding the cryptocurrency market

• From a professional opinion perspective: BitMEX co-founder Arthur Hayes believes that Bitcoin may find support around $70,000. Yuga Labs' blockchain business vice president 0x Quit stated that if this is the start of a bear market, ETH may drop to $200-$400; if it is not the beginning of a bear market, the decline in ETH from the current price is relatively limited.

• From a technical perspective: Bitcoin previously failed to break through key resistance near $90,000, and the total market capitalization of cryptocurrencies fell below the critical support level of $2.8 trillion on March 9, triggering a large number of sell orders. If Bitcoin can find effective support around $70,000 and the total market capitalization of cryptocurrencies around $2.3 trillion subsequently, it may form a stage bottom.

• From the perspective of market factors: The cryptocurrency market has become more correlated with the US stock market, and the movements of the US stock market have a significant impact on it. If the US stock market stops falling and stabilizes, it will have a certain stabilizing effect on the cryptocurrency market. Additionally, internal security incidents, technological upgrades, regulatory policies, etc., in the cryptocurrency market will also affect the formation of its bottom.