Bitcoin fell to $5.85 million at the end of the quarter, a low point in the season. According to the leading market strategist of Verified Investment, Gareth Solaway, the fall was not necessarily driven largely by macro-pressures or fundamental changes, and the end-of-season restructuring could be more direct.

At the end of the season, we'll have to retort and increase the pressure.

Soloway believes that some of the institutional fund managers will adjust their portfolio performances by the end of the quarter to remove less performing assets from the client statement. As Bitcoin ETF suffered losses during the current season, such products could be the subject of a reduction.

According to the article, this “decorative report” at the end of the season may have amplified last week's sales pressure. In other words, the fall in the market does not necessarily fully reflect the repricing of the long-term outlook for thebitcoin, or may be only a phase-out.

The analyst says to go to the second half.

In addition to the end-of-season factor, Soloway mentioned a technological change. In his view, Bitcoin had entered the second stage of its definition of bear city. In this way, the first stage is that the price is operating under the main downward line in the long term; when the price has broken the trend line upwards, even then again weak, it means that the market is no longer in the early stages of the bear market.

Under this framework, the current trend, while still weak, may be closer to the end of the next cycle of the round than to the beginning of a new one. This judgement is seen in the article as a signal of neutrality rather than as a simple space.

There's still a difference in the shoulder form.

In response to the top-to-head morphology mentioned by some technologists, Soloway believes that the current graphic is not as well-readable as the market. The reason for this is that the neck line in the form of a bitcoin is down, while the more typical and more successful head shoulder form usually corresponds to the level or slightly up the neck line.

He stated that the down-crowding did not mean that the form would necessarily fail, but it would weaken its persuasiveness as a strong-eyed signal. As a result, the market cannot rely on this graph alone to conclude that Bitcoin will continue to explore significantly.

July focus on supporting performance

According to the article, there was a rebound space in the Bitcoin short line as the pressure fell at the end of the quarter. If the current support is clearly broken, the next, more visible round of sub-prospecting may point to $50,000.

However, it is even more emphasized that the institutional pressure that continued at the end of the second quarter may have been phased out. Whether there will be a seasonal rebound in July, or whether it will go through a further fall, will depend on the financial performance and price succession at the beginning of the third quarter.