Prominent Trader: Bitcoin Currently Still in Range-Bound State, Nearing Bear Market Low

BlockBeats News, August 2nd. Renowned trader Killa posted, stating that when BTC enters a new monthly cycle, the market has already formed a strong bearish narrative, so the probability of a bullish reaction appearing at the beginning of this month is relatively high.

He pointed out that based on previous trends, when BTC enters a new stage in a clear bearish sentiment, a reverse fluctuation usually occurs. This rule may only fail when a major trend is about to change, such as in November last year, as well as in February and June this year.

Killa believes that BTC is still in a range-bound state and is approaching the low point of the bear market. Therefore, there are two possibilities: either the price will fall below $57,000 one last time, or it will start to rebound this month and continue to operate within the range. Even if BTC continues to decline afterwards, a 2% to 4% increase at the beginning of this month is more in line with the current market structure.