According to BlockBeats, on July 7, Andrew Kang, co-founder and partner of Mechanism Capital, wrote on X that the most common mistake in the crypto market is to buy too early when the trend turns from up to down. Adjustments after the collapse of a large market structure are often deeper and longer than expected. Don't buy when BTC falls 10% from a high point, but buy for the next cycle when the market is generally liquidated, most people exit, and question whether cryptocurrencies will die forever.

Andrew Kang also said that more than 98% of altcoins have peaked in this cycle, and only a few may hit new highs in the fourth quarter of 2024 or the first quarter of 2025. It is mainly a few meme coins that may hit new highs, but they need to be selected with caution.

Finally, Andrew Kang said that Bitcoin is in the transition stage to a super-cyclical asset, combining the characteristics of previous cycles and the characteristics of mature macro assets.