I originally thought it had hit bottom and was due for a rebound, but then I saw Hua Zi’s bullish call and hesitated. After all, he is a world-famous reverse indicator—he says nothing, but when he does, a crash follows. Why do you have to come out and shout nonsense for no reason?! It might drop even more!

On June 29, Yi Lihua, founder of Liquid Capital (formerly LD Capital), stated, "This is the third wave of decline since 1011. According to wave theory and cyclical patterns, this is the last major drop for Bitcoin.
What everyone cares about most is Bitcoin’s bottom price this time. The main factors are the US stock market and MicroStrategy. We don’t know whether the Fed’s concerns about CPI will trigger changes in rate cut or even rate hike expectations, leading to a continued correction in US stocks. Secondly, in past bear markets, black swan events or blow-ups often occurred near the tail end. This time, such events have not yet emerged and require close observation.
Based on Bitcoin’s all-time high of $126k, a 60% drop would be $51k, and a 66% drop would be $43k. In any case, July to August should be the final window, the best time to buy the dip, and even the most worthwhile opportunity in the next three years."

Since November 2025, Yi Lihua has been consistently bullish. His "spot bottom-fishing" view has repeatedly appeared over the past eight months, ranging from being optimistic about ETH to emphasizing AI’s absorption of liquidity. His core narrative has always revolved around the rotation among crypto and macro (US stocks, Fed) as well as emerging assets (AI). This time, he explicitly anchors the time window for the "last major drop" to July and August, linking the potential bottom calculation to the decline wave since 1011 and related parties like MicroStrategy.

The most notable detail is that he now directly ties Bitcoin’s potential bottom ($43,000 to $51,000) to "US stocks and MicroStrategy" and points out the need to observe the "tail end of the bear market" black swan. This implies that under the current market structure, the balance sheets of traditional capital agents (such as MicroStrategy’s Bitcoin holding strategy) have become a key node for systemic risk transmission, and tail risks have not yet been cleared. This is significantly different from his logic in 2025, when he only emphasized cycle invalidation or simply bullish on ETH, reflecting that market fragility is shifting from internal narratives to tight external capital chains.$BTC
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