Recently, I came across an interesting market perspective worth noting. A seasoned market observer had already fully exited positions at the market high a while ago and still maintains a bearish outlook. His logic is that liquidity conditions won't improve this year, so he continues to expect a bear market.

But this guy isn't infinitely bearish; he clearly stated the conditions under which he would start to buy the dip. First, there needs to be an absolute large-scale turnover in the secondary market, like a capitulation-style trading volume. Second, on the technical side, the MVRV-Z score must fall below zero; currently, this indicator is at 0.77, so there's still some distance to go. The last condition is that a systemic risk event similar to FTX or a capitulation event like a BCH fork must occur.

He has mentally prepared for the possibility that the market might drop another 40 to 50% before bottoming out. Once these conditions are met, he will go all-in to establish long-term positions. This kind of dip-buying strategy with specific conditions is definitely more rational than blindly buying the dip. Now, it's just a matter of waiting for the market to give these signals.