Currently, is there a possibility that Bitcoin$BTC and ETH$ETH will experience a second dip to the bottom?

Historically, after such a sharp decline in the crypto market, the rebound and second test have a probability of over 70%! The main reasons can be summarized into three points:

1. A rapid plunge causes many to be unable to escape, forming trapped positions. After the rebound, some will break free or realize small losses;

2. The current bullish sentiment and market psychology are difficult to fully clear in one go. After a rebound and subsequent decline, both leverage and sentiment will be cleansed, and the bottom will truly form;

3. The current macro environment can be accurately described as a bear market in progress. After a rebound with decreasing volume, it’s easy for the bears to counterattack, leading to a new decline.

The rebound is nearing its end. The daily and weekly downtrend patterns are still in place, and macro uncertainties remain. If Bitcoin and ETH cannot effectively break through 72,500 and 2,150 respectively within the next three days, a second bottom decline is highly probable. Even if they temporarily break through, it’s very likely to be a trap to induce buying.

The positions for the second bottom are around 62,000-63,000 for BTC and 1,820-1,850 for ETH. If these levels hold, it could be the effective bottom now; otherwise, new lows will be made!

The first target for new lows remains: BTC at 54,000-55,000, ETH at 1,450-1,500.