Actually he did catch the bounce at the bottom position, which allowed for plenty of power reserves through the jerk drive, resulting in a successful lift. In two words: awesome precision!
The only way a lifter can catch the bounce at the bottom squat position (instead of being buried into a dead stop by the loaded bar), is for him to have had a tremendous extension in the third pull of that bar (exactly at the 34 second frame high on his toes), which Alexey Lovchev most certainly did have. Hence I wrote: "awesome precision".