As shown in the picture, this chain liquidation is the largest settlement in history. Although the decline of Bitcoin is acceptable, many small coins have dropped by more than 95% from their peak. Anyone who leveraged their positions basically has gone to zero. Those who were optimistic about the market and opened a few long positions are now all gone.
Those who are still alive and playing with mainstream coins are also stuck, and it's estimated that even if there's a rebound, they will leave the market. For a long time, no one will use leverage to operate small coins. Without leverage, it's hard to amplify the market. Therefore, the previous peak represents the highest point for various small coins in this round of bull market. There will be no main upward wave, but there might be a dead cat bounce as many people feel that the market has crashed and want to catch the bottom. There is still some enthusiasm for bottom-fishing, but that's all. A rebound is not a reversal. If there is a good rebound ahead, remember to exit.