#加密市场回调 The crypto market no longer has doubts about the "bear market." The decline will be more moderate with limited downside, and a tentative bottom is expected around $60,000-$70,000.

On February 2nd, the crypto market experienced further decline today, with Bitcoin dropping to a low of $74,604, Ethereum falling to $2,160, and SOL dropping below $100 for the first time in about 300 days. Meanwhile, spot gold and silver also lost their previous strength, with gold falling below $4,500 per ounce and silver dropping below $74 per ounce. U.S. stock index futures and Japanese and Korean stock markets also declined simultaneously.

The core viewpoints focus on several aspects:
First, the factors driving the market decline are partly attributed to structural selling pressure caused by specific events. For example, some analysts believe that CEXs absorbed a large amount of assets during previous incidents and are now continuously selling through algorithms. However, this selling pressure is expected to be temporary and may be largely absorbed by the end of February.
Second, despite the price decline, most people do not expect a repeat of past cycles where a 70% drop occurred. A key reason is that market tops are not formed by extreme euphoria, so the decline in both magnitude and speed will be more moderate. The bottom area is widely discussed to be in the $60,000-$70,000 range, with many investors viewing it as an initial opportunity to start accumulating.

Regarding longer-term trends, there are some disagreements. Some believe that the bull market from 2023 to 2025 has already ended, and the market will enter a prolonged sideways or "digestive" phase, possibly lasting until mid-2026 or even later before bottoming out. However, others firmly believe the bull market is not over yet, and the cycle could be extended, citing numerous bullish reasons.

From an operational perspective, professional traders show a flexible attitude. For example, some attempt to buy the dip but also cut losses decisively when the situation worsens, reflecting a focus on risk management in the current market environment.

Overall, market sentiment remains cautious but not defeated. Investors are more inclined to see this decline as a buying opportunity rather than a disaster. The consensus is that the future recovery may be slower but more stable.