It's not that there is no confidence in the future of the cryptocurrency market, but rather that there are lingering fears from the pitfall in January of last year. January also saw a significant downturn, especially during the sharp drop from January 29 to February 5, which was quite severe, and many coins faced consecutive losses. Will this happen again this year? It's uncertain, but as of now, it cannot be ruled out!
Looking at the trends of January last year and this year, they are very similar up to this point. Last year, after three medium bearish candles, it entered a consolidation phase before continuing to decline. Today's movements are exactly the same! Therefore, caution is warranted for the future market. There are 13 trading days left until the Spring Festival, and large institutional players are unlikely to initiate a spring rally before the festival; it is more likely to happen afterward. Thus, before the festival, we are just waiting for continued downturns and the resolution of uncertainties, like avoiding pitfalls from the pre-disclosure of annual reports. Trump will take office on the 20th and will sign a series of bills after assuming office.