Golden Finance reported that Wang Xiaoqi, CEO of New Fire Technology, stated to the media today that after the big dump on the early morning of October 11, BTC, ETH and other mainstream tokens experienced a rapid rebound, with some coins even reaching new highs. A bull run often features sharp falls followed by quick rebounds, which is a standard characteristic of a bull market. In contrast, the hallmark of a bear market is a continuous downward movement. Against the backdrop of ongoing interest rate cuts and the release of liquidity, the fundamentals of the industry have not reversed.
At the same time, Weng Xiaoqi believes that the real scale of this big dump liquidation far exceeds 20 billion USD, with many institutions and large holders facing liquidation, leading the industry into a short-term liquidity crisis. In the short term, considerable volatility cannot be ruled out, and historically, after a big dump, a second bottom confirmation is also not excluded. Non-professionals are discouraged from using leverage; one must always respect the market.
On the other hand, Weng Xiaoqi believes that there is no need to be overly pessimistic. Liquidation also brings opportunities to the industry, meaning that the forces engaged in repeated battles on the market are weakened. In the market consolidation