(b) Foreign media: Bitcoin had a shock near US$ 63,000, and the market had a clear disagreement over short-term trends following the warming of ETF funds. ARK Invest, 10x Research, Bitwise and a number of analysts made different judgements, focusing on whether the discussion had been bottom-up and whether there would be further inroads later.

Wood: The callback may be over.

The CEO of ARK Invest, Cathy Wood, believes that both Bitcoin and gold have completed recent adjustments and that prices may enter the bottoming phase. She indicated that bitcoin would remain more volatile afterward, but the larger direction would remain biased.

Wood's judgment does not mean that the process will advance smoothly. She emphasized that the recent weakness was more like a normal return than the beginning of a deeper fall.

Thielen: The market may have to wash again.

10xResearch founder Markus Thielen took the contrary view. In his interview, he stated that the current price was insufficient to support the purchase, and that MicroStrategy was probably one of the most important buyers in the moment.

Thielen argued that if Bitcoin ETF continued to be under pressure, prices might fall to between $46,000 and $47,000 before they could be stabilized again. At the same time, he anticipated that, in the event of a final round of next expedition, Bitcoin would still have the opportunity to return to between $60,000 and $65,000 by the end of the year.

Long-term perspectives remain optimistic.

According to Matt Hougan, Chief Investment Officer of Bitwise, the long-term space for bitcoin is still undervalued. Bitwise's previous target for 2035 was $1.3 million, and Hougan now believes that this projection may even be conservative.

He noted that the long-term valuation space would be further expanded if Bitcoin had both “value storage” and “payment network” attributes. This judgement has also been reinforced by recent performances in the context of geographical tensions.

Why does this turnback look worse?

Analyst Benjamin Cowen explains market sentiment from a cyclical perspective. In his view, the fall in the round of Bitcoin Bears was actually more moderate than in the previous three halves.

Cowen said that many people felt worse because there was no apparent period of fanaticism. Prices are lagging behind from lower expectations, and investors are more likely to value the round.