BlockBeats News, July 31. Renowned trader Killa stated in a post that Bitcoin is currently unlikely to see the market-wide deep drop candlestick pattern that many are anticipating, plunging further to the $36,000 to $48,000 range. He believes that in past bear market cycles, Bitcoin usually forms three significant low points, with the last two being the most critical.

Bitcoin had previously touched the $59,000 level, showing a slight bullish divergence, but then failed to break down further with significant strength. If the market is indeed poised to drop further to around $40,000, this decline should have already occurred.

He argues that Bitcoin is currently distinctly in the accumulation range, with $57,000 forming a critical base for the overall bottom. The price may briefly drop below this level, but it is not expected to see a sustained dip to the market's anticipated extreme low.

Historical trends support this assessment, as Bitcoin has swept past key lows in each previous cycle, a signal whose importance may be underestimated by the market.