Currently, the crypto community is generally not optimistic about an immediate rebound. The recent market downturn comes after a period of consolidation and anticipation of a bull run following Bitcoin's recent halving event and the approval of a Bitcoin spot ETF earlier this year.

Despite the market downturn, such volatility is common in the cryptocurrency market. Although the expected Bitcoin rebound has not yet materialized, the market remains unpredictable and a recovery later this year is unlikely.

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