BTC dropping to the 'True Market Mean Price' often signifies a significant clearing of speculative bubbles.

The result of the bubble clearing makes it even more uncertain whether the market will trend bullish or bearish.

What can currently be expected is a period of consolidation + a potential decent rebound.

Note:

True Market Mean Price (真实市场成本价) is an on-chain metric for Bitcoin, primarily used to assess the average cost of buying Bitcoin for active market participants.

It focuses on the Bitcoin that is actually traded and circulated in the secondary market by excluding the Bitcoin produced by miners (i.e., ignoring the impact of mining activities), helping to identify whether the market is in a state of 'overvaluation' (price significantly above TMMP, indicating a speculative bubble) or 'undervaluation' (price below TMMP, presenting potential buying opportunities).