Song Xiqing: Don’t rush to buy the dip! There’s another drop below 58k, and the real “July bull” starts from here.

July is here—let me share my current thoughts.

A sell-off yesterday morning cleared some of the liquidity below 58k, but not all. It will most likely get flushed out one more time.

Below 58k, the only support is 55k. So once 58k can’t hold, it will most likely head to 55k.

So this level is crucial right now—it could be pressed down and keep moving lower. As for the rebound, for now I only see around 62k.

I feel the price will dip below 58k again—first to lure in a batch of people, then a rebound. But note: when I say this, I mean a “relief rebound,” not a bottom—just a chance to catch your breath.

As for the true bottom, I think it’s in the low 50k area; in extreme cases, it could wick down to 49k, thoroughly wash out everyone, and only then can it truly turn bullish.

In summary: I’m bullish on July, but before that, there has to be another drop.
$BTC $ETH $SPCX