Famous trader: BTC is still in a range-bound phase and is approaching the bear market low

Well-known trader Killa posted that when BTC enters a new monthly cycle, the market has formed a strong bearish narrative, so the probability of a bullish reaction at the beginning of this month is relatively high.

He pointed out that based on previous trends, when BTC enters a new phase amid obvious bearish sentiment, there is usually a reverse fluctuation. This pattern may only fail when a significant trend is about to change, such as in November last year and in February and June this year.

Killa believes that BTC is currently still in a range-bound fluctuation and is close to the bear market low, so there are two possibilities: one is that the price finally drops below $57,000; the other is that it begins to rebound upwards this month and continues to maintain range-bound movement. Even if BTC is expected to decline afterward, a 2% to 4% increase at the beginning of this month is more in line with the current market structure.