BlockBeats News, August 9th, Jiang Zhuo'er, founder of Lebit Mining Pool (B.TOP), stated in a post that Bitcoin's three previous major bottoms were accompanied by "high losses and large fluctuations," while the current characteristic is "insufficiently high losses and smaller fluctuations." He believes that instead of betting that this is an unprecedented "calm bottom," it is better to see it as a "breather phase" during the bottoming process.

Jiang Zhuo'er cited the 2018 market as an example, when the $6,000 level of BTC was tested multiple times and was considered by many investors as a bottom that would not be broken. BTC traded sideways in the $6,000 to $7,000 range for about two and a half months before breaking below, similar to the current two-month consolidation in the $60,000 to $70,000 range, and then the price dropped to $3,000.