Currently, Bitcoin has not truly bottomed out and is still in a downward trend. This recent rebound is more of a short squeeze-induced oversold bounce, not a reversal. The price has not experienced a bottoming oscillation and accumulation phase; it is a typical trap rally. The real bottoming opportunity will come when the monthly chart shows a bottoming oscillation and clear bottom formation signals. Theoretically, the ideal price range might be around 50,000, but the market may not give us such an ideal level.

So, what’s next? The current rebound is likely to encounter resistance around 75,000-76,000. After hitting resistance, it may enter the third wave of decline, targeting around 55,000! If it really drops to 55,000, there could be a rebound, but the true bottom will require a long period of oscillation and accumulation, or even another spike to confirm!