Many well-known analysts in the English-speaking community have recently been calling for a major bottom. But upon closer inspection, this kind of statement also appeared in 2022 — at that time, the signals were just as strong, and what was the result? The market continued to decline. This time, the situation is actually similar. My judgment is that the true bottom has not yet appeared. The current position is more like a rebound phase in the mid-stage of a bear market, rather than a complete bottom reversal. I have always held this view. The key is to distinguish between a rebound and a reversal — a rebound can create a convincing illusion of a bottom, but if the fundamentals and on-chain data haven't yet provided clear signals, rushing to buy the dip carries significant risks.