We Might Already Be at the Bottom with Potential for NearTerm Price Increase

Beijing Coin News Report:
Reviewing this market adjustment:
The driving factors in the first half of the year included Bitcoin ETF, halving events, and industry development narratives (such as engravings), all of which propelled Bitcoin to rise independently. Regardless of the market situation, there is usually a pullback before and after the release of positive news. The magnitude of the pullback depends on the extent of the previous increase.
Predicted driving factors for the second half of the year include the approval of Ethereum ETF, the possible approval of SOL ETF, as well as halving events and industry development narratives, especially those related to the Ethereum and SOL ecosystems.
Currently, these major positive factors have not been realized, but the expectations still exist. Once the positive factors in the capital market are confirmed, funds will gradually flow into the market. With the inflow of funds over a period of time, the industry narrative will be influenced by positive news again, and the phase market will gradually come to an end.
I believe that the level above $52,000 may be the bottom of this round of adjustment. To fall below $52,000 to $42,000, there needs to be new major negative news, but I haven’t seen any at the moment. The bearish strength is gradually weakening, as the saying goes, “First they gain strength, then they decline, and finally they collapse.”
A significant decline is unlikely in the short term, and the longer the market fluctuates, the more solid the support at the bottom becomes.
The adjustment amplitude of altcoins this time far exceeded market expectations, mainly because the previous increase was not significant, so the decline was relatively high.
From the perspective of following Bitcoin’s decline, it is reasonable, but the significant decline caused by liquidity issues is unreasonable.
The key issue lies in the sentiment washout. Currently, altcoins represent the sentiment of retail investors. The number of retail investors holding altcoins has reached a historical high, while the number of retail investors holding Bitcoin and Ethereum is relatively small. Only through a large-scale washout of altcoins can the panic sentiment in the bull market be alleviated, clearing out the positions of retail investors and making the market healthier.
In conclusion, the most difficult phase is about to pass. Many major negative factors have been realized, and recent forced liquidation data is close to the FTX’s explosion situation at the end of 2022. The characteristics of the bottom are gradually emerging, and it is recommended not to be overly pessimistic. It is possible that the current market bottom has been reached, and we will know the answer in a few months.
In addition, many people have lost confidence in altcoins now, and the main purpose has been achieved. The second half of the year will be the arena for Ethereum, SOL, and altcoins. With the push of several major positive factors I mentioned, altcoins will benefit the most. The second half of the year will be the period for retail investors to participate in the climax of the bull market, and altcoins will attract more people to enter the market through the wealth effect.
ZEN:
Due to the unfavorable market environment, I didn’t dare to get in myself, nor did I dare to recommend you to get in. It has recently experienced an independent market trend. This coin can be considered for attention in the future. If it can pull back to around 8, I will consider entering some positions, and if it breaks through 10, there is a possibility of chasing a bit.
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ENS:
One of the best performers in the Ethereum ecosystem, on July 15, Ethereum’s spot file review is expected to give ENS another takeoff. Ethereum’s Vitalik Buterin has made multiple appearances, and ENS is about to launch a brand reshaping, equivalent to Ethereum’s own child. Technically, the 1-hour chart is in consolidation, and breaking through the range may usher in a wave of catch-up.
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