Famous trader: The current Bitcoin trend is different from 2023, still bullish towards the $90,000 range

Renowned trader Killa posted that the current market trend is popular for comparing Bitcoin's movement with the pullback after the rebound to $25,000 in 2023, but there are significant differences in market structure between the two. In 2023, BTC only formed an equal high around $25,000 and failed to effectively close above that level, subsequently dropping quickly. In contrast, BTC has currently formed a higher high on the weekly level and is oscillating above the previous high after the breakout.

Additionally, the maximum drawdown in the last bear market was about 77%, while this round is approximately 54%. Killa believes that if diminishing returns and the pullback amplitude gradually narrow are considered, the main correction in this bull market may be closer to 10% to 15%, corresponding to about $78,000 and $74,000, respectively. Killa stated that even if the price repeats a similar trend, it may not necessarily break below the previous low as clearly as in 2023. Currently, the open interest has been reset, and the price remains above the previous high, which he views as a relatively healthy market structure. He has not positioned for a significant pullback and still targets the $90,000 range.