There are several key points to note in this big drop:

1. The black swan may have arrived, but it is not for Bitcoin, but a black swan event in the field of altcoins.

2. Bitcoin has been supported by institutions such as BlackRock, MicroStrategy Ark, and Fidelity, and it is unlikely to see a sharp retracement of more than 50%. $60,000 is a strong support, while $53,000 is an extreme support. Considering that institutions began to sweep up at $70,000, they will continue to enter the market once it falls to $60,000 or even lower.

3. If the price continues to fall to $53,000, or even to $48,000, it may be to clear long contracts. At this position, smart funds can consider entering the market, but don't wait until Bitcoin falls to the level of $38,500, as there are few opportunities.

4. If there is still money available, you can consider laying out altcoins that have performed strongly before. Choose those currencies with limited declines, good fundamentals, and capital support, because the strong will always be strong, and there is a possibility of attracting more funds to enter the market.