TechFlow reports, on July 17, according to BIT's "On Target" weekly report, Bitcoin plunged from $97,000 to $62,900 since February 9, 2026. Compounded by Trump's nomination of hawkish figure Kevin Warsh as Federal Reserve Chair and large-scale forced liquidation of leveraged positions, market liquidity tightening pressure significantly increased. The report pointed out that the previously predicted A-B-C wave trend largely met expectations: the Wave A low was completed in February, and after Wave B rebounded to $82,000, Bitcoin hit a new low of $58,500 on June 30, with the Wave C decline already unfolded.
However, the outbreak of the Iran conflict pushed inflation higher than expected, and the new Federal Reserve Chair released clear hawkish signals in his first policy statement. These two unexpected factors created uncertainty regarding the timing of the Wave C low. The report believes the bear market may be nearing its end, but two key variables still need close attention, which will be analyzed in depth in this report.
