A common comment goes like this:
"Is this the bottom or will it go lower?"
This question is based on the expectation of an exact entry point. But this is not how smart money operates.
The error of thinking is attempting to reduce the market to a single coordinate.
The bottom is perceived as a moment that needs to be guessed.
For large capital, this is neither a goal nor a guide – because the market moves in time, not in points.
Smart money works within ranges and phases.
Position accumulation stretches out: part of the capital comes in earlier, part later, and some does not come in at all.
Risk is distributed over time, not concentrated in one attempt to 'catch the bottom'.
Where is this seen?
In the gradual increase of liquidity, in the change of open interest, in how the market stops reacting to bad news. The price may still update lows, but the accumulation process is already underway.
### Conclusion
Smart money does not guess the bottom — they endure the phase.
While retail seeks a point, capital works with probabilities and time.
That's why the 'bottom' always becomes obvious only in hindsight.