Changkong has been bearish recently and has been reminding you guys. But what he said was all about the Heyue type, and the spot market was very traditional. (If you want to know more, you can find Changkong to give you some professional advice)

At present, Bitcoin is completing the final accelerated decline, but the altcoins are not following closely.

Regarding the overall market, don’t be too bearish and expect it to drop to the 4-digit or even 3-digit levels…

The overall pattern is a head and shoulders + double top, and now it is a right shoulder callback

There is a chance of numbers starting with 5, but it is not ruled out that you can clear the lever and try.

I hope everyone can get through the most difficult winter, and a turnaround will definitely come. Many people think that it is fine to just hold the spot and not move. That is when it is profitable. When it affects our principal, we must make adjustments.

If you want to know about specific opportunities and specific decisions, you are welcome to follow Changkong, where you can receive position allocation strategies and learn how to make money in a bull market and earn coins in a bear market.

Bitcoin prices came under heavy selling pressure on Monday, continuing a sell-off trend that began on June 7 when it peaked at $72,000.

BTC tested the $60,000 level, which means it has lost more than 15% of its value in the past few weeks. Bitcoin’s weakness triggered a major crash in altcoins, with tokens such as Turbo, Solana, and Cardano falling more than 20%.

The bullish case for Bitcoin

Pessimism and fear are spreading across the crypto industry as the Fear & Greed Index fell to 49 from its year-to-date high of over 90.

Still, some analysts remain optimistic that Bitcoin is still in an uptrend. In an X post, cryptocurrency analyst Rekt Fencer explained that BTC will eventually rebound later this year.

He cited several catalysts that could drive Bitcoin higher. First, he noted that Bitcoin tends to consolidate after the halving. This consolidation could be because of the so-called “buy the rumor, sell the fact” concept.

In this case, the Bitcoin halving occurred at a time when Bitcoin prices had risen sharply after the approval of the spot Bitcoin ETF in January. Therefore, this consolidation is happening as investors wait for the next catalyst. In 2016, Bitcoin consolidated for 4 months after the halving, and in 2020, it consolidated for 5 months.

Rekt also pointed out three main reasons for the current consolidation: the summer is a period of stagnation, the uncertainty of Ethereum ETFs, and the lack of a clear narrative in the market. In addition, the narrative is quite negative, with headlines including Germany selling $3 billion in Bitcoin and ETFs recording nearly $1 billion in outflows.

Therefore, Rekt believes that Bitcoin prices will eventually rebound. Some potential catalysts would be the upcoming US election, where Donald Trump supports digital currencies, rate cuts by major central banks, and the approval of an Ethereum ETF.

Altcoins like Ethereum, Solana, IOTA, and Hedera Hashgraph will benefit

Rekt believes that other altcoins will also benefit from Bitcoin’s rally. In most cases, altcoins (including meme coins such as Bonk, Pepe, and Floki) tend to outperform Bitcoin during bull runs.

Ethereum price will rise because the SEC has indicated that it will soon approve most or all ETF applications. This move will likely lead to more inflows, just like we saw with Bitcoin a few months ago. This accumulation will occur at a time when Ethereum balances on exchanges are falling.

Solana’s price will also benefit when the SEC approves an Ethereum ETF. As one of the largest and most liquid altcoins, it is expected that companies will apply for a Solana ETF. Just last week, 3iQ Digital Asset Managent applied for the first Solana ETF in North America in Toronto.

If his estimate is correct, it means that other altcoins such as IOTA, BTC, and Zilliqa will resume their rally.

Still, risks remain to the bullish predictions for BTC and altcoins. A key point is that Bitcoin has formed a triple top chart pattern at $72,000. This pattern is one of the most bearish in most cases and a break below the neckline at $56,520 could signal more downside.