In this round of sharp decline, Bitcoin has actually not dropped much, currently not even breaking the low point of the 23rd;

Only altcoins are bleeding heavily, just as predicted last week (see image 3);

The reason for this can be attributed to Israel's strike on Iran, with some smart money seeking refuge, selling altcoins, and buying Bitcoin, leading to the plummet of altcoins.

At the moment, most altcoins are in the hype phase, but Bitcoin has real safe-haven attributes and institutional big players represented by Wall Street are buying and holding it with actual money.

As mentioned previously in articles, events like the Iranian-Iraqi conflict and the Russia-Ukraine war are black swan events that, in the short term, will definitely lead to negative declines because large funds' basic mindset is to seek 'stability';

After a crisis breaks out and it is proven to be within a controllable range, and the crisis may instead create new opportunities and application scenarios for Bitcoin and cryptocurrencies, a rebound will soon follow, with Bitcoin leading the way, while many altcoins may struggle to recover.

From an internal perspective, the main force is currently using all factors to push down and wash out positions. Before the Federal Reserve's interest rate cut path is fully clarified, and before the liquidity from the interest rate cut is fully realized, this operation will continue. If retail investors do not give up their chips, how will the market rise later?

However, the washout phase is now also entering its later stage. Previously observed information indicates that the amount of Bitcoin held by big players has reached an all-time high, suggesting that retail investors are nearly done giving up their chips.

This round of decline has not yet ended. If you really want to bottom fish, you can start by buying a small percentage in batches. If you want to be more cautious, you can wait for the Bitcoin price to reach the level mentioned earlier.