As a professional translator, I would like to translate this news article into English in a descriptive tone, ensuring accuracy and fluency of the sentences, while retaining proper nouns and all 
references. Please find the translation below:
Bitcoin Market Plunges as Cryptocurrency’s Long-Running Volatility Continues
According to Coinglass data, the past 24 hours have witnessed a total liquidation amount of over $220 million in the cryptocurrency market (with long positions accounting for $200 million), resulting in nearly 90,000 people being liquidated. Both large and small media outlets in the industry have been anticipating a crisis, as if the storm is about to hit. The main reason behind this anticipation is that Mt. Gox started reimbursing this month and, on top of the three months of selling pressure, it was revealed that the US and German governments transferred a large amount of confiscated illicit BTC to exchanges, indicating their intention to sell. As a result, the crisis of selling pressure has already reached a short-term consensus.
Today, Thursday, the US is observing a holiday, and the market remains closed for the day.
Short sellers have chosen this time to strike for a reason. The reason is simple: the US BTC ETFs, considered as one of the main pillars of the market, are on holiday today. With the holiday, buying has ceased. By choosing such a holiday, unexpected attacks are launched, resembling the element of surprise when religious countries wage war on days of fasting, when defenses are lowered.
The winds do not last all morning, nor does the rain last all day. Surprise attacks often lead to defeat. Playing the dark side is only seeking short-term gains. The strategy of steady and stable progress is the path to long-lasting victory.
Some cryptocurrency funds claim that the previous estimated bottom of $50,000 was too conservative, and now they see it at $40,000. [1]
A data analysis report suggests that miners surrendering indicates a bottom signal. [2]
Standard Chartered Bank states that BTC will hit a new high next month, in August, and will surpass $100,000 during the US presidential election in November. It is still expected to reach the target range of $150,000 to $200,000 by the end of 2025. [3]
This is a typical market sentiment of the “belief-denial” stage. It seems a bit schizophrenic.
BTC Market Analysis:
BTC broke the previous 4-hour low in the morning, and the next target is the daily low of 56,500. This is a very good trend structure, why?
Secondary bearish waves in a bull market always have a time window. For example, in the previous bull market, it took only about 40 days from the secondary sell-off at $59,000 to the bottom at $28,000. Now, it has been close to a month. If this month closes with a solid body, it will officially confirm the monthly downtrend, and then there will be no talk of a bull market. Secondary waves in a bull market usually last for a maximum of two months, any longer and they evolve into primary waves, causing a complete reversal of the overall trend. That’s why I said the current structure is good because the retracement is taking place in a relatively short period, without impacting the larger structure. The ideal scenario is to break the current daily pre-market low, form a daily market reversal, establish a second buy point, and eventually move towards the weekly market, breaking the previous high.
This is definitely not the time to continue growing the downward central pivot because both timing and pricing do not allow it. If the downward central pivot continues to grow, adding another month to the retracement time, there is a high probability of dropping below the 250-day moving average (bull-bear line) at $54,000, which would mean the end of the bull market. Although I believe this possibility is unlikely, it cannot be ruled out. In summary, we need to observe the market. All timeframes show a downward trend without divergence, except for the potential divergence on the 30-minute timeframe, which needs further confirmation. Avoid knife-catching.
You can also understand that breaking the previous low and closing the month with a bullish or needle candle is necessary to continue to be bullish. Otherwise, it’s game over!
Altcoins at a Crucial Turning Point!
Currently, most retail investors have lost confidence. Market analysis or project evaluations are met with criticism and opposition. Discussions on related topics are scarce. However, the market is quietly undergoing a restructuring for a new round of market trends. The dominance of Bitcoin’s market capitalization over altcoins is once again approaching the resistance line on the monthly chart. The previous bull market witnessed significant gains for altcoins after reaching this line. Therefore, the probability of a market trend occurring between July and November is very high.
The current price of high-quality altcoins is considered a bottom range for future perspectives. The entry of ETF funds for Ethereum is yet to happen, and market confidence remains.
Worst-case scenario:
1. If the market continues to plummet endlessly in the second half of this year and the first quarter of next year, it is advisable to give up.
2. If the main players are no longer willing to leave any profits for retail investors, then there is nothing to say. Let the market makers accompany their Bitcoin and Ethereum forever.
Periods of prolonged downturn often bear opportunities. Retail investors’ sentiment and market conditions do not deceive.
Some people, who have not yet accumulated a substantial position, spend their days contemplating how to sell and escape the market’s peak. In my opinion, this is akin to trying to reach the moon before learning to walk. As Howard Marks once said, it’s better to sell well than to buy well, but any selling that falls short can be compensated for by buying well.
1. If you have just entered the market, focus on accumulating a substantial position.
2. For novice investors, it is best to practice building positions at low costs.
By following these two points, you will have an advantage over others starting at the same line, and you will increase your chances of success.
