Is Bitcoin City Losing Its Spark Market Bottoms Out as Bull Runs Second Half Begins

Coin World reports:
The Bitcoin market has been on a continuous decline recently, with the market attributing the fall to several reasons: sales by the German government, repayments by Mt.Gox, and a slowdown in inflows of funds into spot ETFs… Earlier around 8:30, according to tracking data from Arkham, Mt.Gox transferred 47,228 BTC (worth up to 2.7 billion USD) from its cold wallet to a wallet starting with (1L7Xb…) likely in preparation for repayment.
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This may have influenced Bitcoin’s price to drop to a low of 56,680 USD at the same time, very close to the previous low of 56,552 USD set on May 1st, with the total liquidation amount across the network exceeding 510 million USD (about twice that of yesterday), affecting over 188,000 people who were liquidated.
In fact, by this time, we should not panic! More and more conditions for a market bottom are converging.
1. Bitcoin has fallen to the moving average lines across multiple time dimensions of technical indicators.
2. The Bitcoin weekly chart is about to reach below the middle band of the Bollinger Bands, which in past bull markets, has always been the super bottom area, and usually, after reaching this point, the market would consolidate at the lower band for 5 to 7 weeks before starting a new round of trends. (If so, then the trend will likely not start until after the interest rate cut)
3. Breaking through the whole number of 6 and repeatedly shaking it makes it easier to cause panic.
4. The negative news from Mentougou exacerbates market panic; previously, the market did not react to Grayscale’s selling, but during a downturn, the effect of negative news tends to be magnified.
5. The price has fallen to the shutdown price of some mining machines.
6. Retail investor confidence is gradually collapsing, and those who are bullish now are criticized.
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The worst-case scenario is the red line position, around 42,000 USD. If it continues to fall to that level, it would be one of the rare opportunities in a lifetime to enter the market by selling houses and iron pots. (It may not necessarily reach the red line, but it serves as the worst-case scenario)
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In the current so-called bull market, altcoins have fallen more miserably than in the bear market, with no bottom in sight. When Bitcoin rises, altcoins rise slightly; when Bitcoin falls, altcoins plummet. Especially those VC-backed value coins that have recently been listed, they have been on a continuous decline, with no end in sight. Currently, it’s a bull market correction for Bitcoin and Ethereum, while altcoins have already entered a bear market. However, after the correction and consolidation of Bitcoin and Ethereum, they will continue to rise and reach new highs.
In summary, in this bull market, Bitcoin is still Bitcoin, and Ethereum is also holding up, but for altcoins, the current consolidation in terms of magnitude and duration has already been completely consistent with the correction of the last bull market. Bitcoin will oscillate more between 5 and 6, and afterwards, the opportunity space for altcoins will be larger.
Although the second half is the main stage for hot altcoins, this thorough consolidation, with future positive expectations and good narratives, will definitely offer a greater explosion space than the first half, and everyone recovering their investment is not a problem, it’s just a matter of how much more they will earn. But in the future, a separate strategy must be adopted for altcoins; they cannot be treated according to the bull-bear mindset, as the future market will only become more challenging, which further strengthens my determination to only engage in phase-based market trends.