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Last April's market rally, when BTC dropped to 74,000, ETH underwent a fierce sell-off before rebounding—dropping straight down to 1,400. At that time, 99% of retail investors were already desperate, but it was not a real crash; it was just a washout tactic by the big players. After the sell-off, ETH surged all the way to 5,000, and those who held on made a fortune.
The current trend of altcoins is very similar to ETH back in the day. Bitcoin is oscillating between 80,000 and 90,000, ETH has fallen back to 2,500-3,500, and altcoins are even more direct—they have returned to the price levels of the last bear market. Many people are starting to panic. Once deep into a bear market, altcoins might break below the previous lows, and at that point, a bunch of air projects will truly lose all their value.
But the key issue is that this kind of sharp decline is exactly the same as ETH's situation last year. The only difference is the outcome: either only BTC remains viable, or those genuine public chain projects and blockchain applications will turn around. The crucial factor is to wait and see how the next three months unfold.