The overall sentiment in the cryptocurrency market is pessimistic due to heightened recession fears. BTC fell below the $80,000 mark for the second time in three weeks, with panic dominating the market. The Panic & Greed Index has fallen to 24, entering a state of "extreme panic", which means that market sentiment remains weak. However, in my opinion, this downturn may result in the market not necessarily hitting the bottom.

First, despite the sharp pullback in the crypto market, historically, recessions have been a long-lasting hit on risky assets, especially when macroeconomic uncertainty is high. Cryptocurrencies are still facing regulatory pressure and changes in the external economic environment, which makes it difficult for the market to recover quickly. As such, I think the market may still need time to digest these uncertainties, and the window for bottoming out may not have yet arrived.

For investors, it is not advisable to rush into the market at this time. During a price pullback, it is advisable to observe whether there is a rebound signal in the market movement. If BTC falls below $70,000 or even lower, it could become a more attractive buying opportunity. At the same time, you can pay attention to mainstream currencies such as Ethereum (ETH), and their technological and ecological development potential is still promising in the long run. Personally, it is recommended to deploy in batches on these currencies to reduce the risk of a single point in time.

To sum up, the market has not completely bottomed out, and I will choose to gradually build positions in batches when the BTC price drops further, and grasp it cautiously. #加密市场进入熊市了吗