Pessimism believes that once the price of Bitcoin falls below $60,000 (which it did briefly last night), panic selling may occur. The Mentougou incident is mentioned every year, and this time it is also seen as a factor in the market's decline last night. At present, market funds are generally on the sidelines, mainly because of the uncertainty of the Fed's interest rate cut expectations and the high level of US stocks, which requires a strong new narrative to drive further gains.

Investors should lower their earnings expectations in the short term and be patient with the market in the third quarter. Spot holders do not need to worry too much because the general trend of the bull market has not changed, although this round of the market is indeed challenging, with frequent fluctuations and washouts. The bear market argument for altcoins has begun to emerge, and if investors are fully or heavily invested in altcoins, they may feel quite difficult. But as long as the portfolio and position allocation are reasonable, there is no need to be overly anxious. In the long run, the law of market cycles will not change due to short-term fluctuations.

I do not think that this round of bull market is fundamentally different from the previous rounds, because what we trade is essentially human nature. Bitcoin has hit a new high before the halving, thanks to the support of ETFs. Although the correction after the halving will take a long time, the market still needs to wait patiently and look forward to the arrival of the next round of rising cycle.