98,000 isn’t the bottom? I don’t buy it.

$BTC Right now, any retail investor would dare say it’s a bottom. Do you really think the big players are so kind-hearted that they want to take you along for the ride to riches? Come on. The chips they hold aren’t enough to support a big rally—at most, a rebound. A reversal is still a long way off.

In my opinion, we need to see some sideways movement around 98,000 for a few days, maybe even a week. The big players will slowly accumulate enough, then confidently push above 110,000—that’s when the real action begins. But with the current distribution of chips? Hitting 110,000? Dream on.

After a rebound, it’s highly likely we’ll continue to fall. Maybe even a sharp move—an ultimate shakeout—dropping all the way to 96,000 or even 84,000. Only then will the big players really start to move in with volume, absorbing chips, shaking out weak hands, and doing a series of washouts. After that, a big rally could happen.

Otherwise? That’s the start of a bear market.