BTC is going to be in a grinding phase for the next two months. Instead of relying on various theories, I prefer to analyze directly based on volume and price. We've seen three major drops: early February, early June, and the big drop a few days ago. Each time, the daily trading volume has been weaker than the last. Looking at the 4-hour K-line alone, the sell-offs seem aggressive, and the bears are putting in effort, but most of the weak hands have already sold off. Even with heavy selling, there aren’t many chips left to shake out. Whenever we see this kind of trend, BTC usually enters a grinding phase. Let it grind for two months first, and then we’ll see. The next major drop will likely be triggered by something like a MicroStrategy blow-up, a Fed rate hike causing a liquidity crisis, or an event of similar magnitude. Only then will BTC have a chance to approach the $50k range.