Adjustments in the early and middle stages of a bull market usually occur several times within a cycle, but I don’t think this is a similar adjustment to the peak in May 2021, when Ethereum retracement reached 50%, for several reasons:

1. In May 21, the price of BTC has reached more than three times the previous high, and the current BTC price has not even steadily broken through the high point of the previous bull market

2. In May 21, altcoins, especially the DeFi sector, have accumulated huge gains, and the market is nearing its end

3. In May 21, the market value of Dogecoin, the leader of meme coins, reached a peak of more than 80 billion US dollars, and there is no similar frenzy at present

4. Due to the arrival of BTC ETF in this cycle, the BTC market started early, while altcoins and memes are still in the volatile market in the early stage of the bull market.

A major adjustment at the 519 level is more likely to occur at a price of around 90,000-100,000 BTC. In the current volatile retracement, the decline of BTC may not exceed 20-25%.