Yi Lihua, founder of Liquid Capital, formerly LD Capital, said he has spent the past two months watching whether July and August would offer what he called the last buying opportunity in this BTC cycle. He argued that Bitcoin’s daily breakout above the 120-day and 200-day moving averages, along with a weekly move above the 20-week moving average, means the bear trend has ended. He also said the next two weeks still look bullish, though a pullback could follow after prices rise to a certain level. For traders using leverage, he advised reducing long positions and referring to the weekly trend and pullback range seen in the 2023 upcycle. He added that Bitcoin’s drop from $126,000 to $57,000, a decline of about 56%, has already formed the cycle low, making another BTC price starting with $50,000 less likely.
Yi Lihua says July and August may have been the last chance to buy BTC in this cycle
ChainCatcher reported that Yi Lihua, founder of Liquid Capital, formerly LD Capital, wrote that after judging in May that the rebound had ended, he has spent the past two months focused on one question: whether July and August could be the last chance to buy BTC in this cycle.
He said Bitcoin has now broken above its 120-day and 200-day moving averages on the daily chart, while also moving above the 20-week moving average on the weekly chart, which means the bear trend in BTC has formally ended.
Yi added that the market still looks bullish over the next two weeks, but a pullback could still appear after prices climb to a certain level. He advised traders using leverage to reduce long positions and to refer to the weekly trend and pullback size seen during the 2023 upcycle.
He also said this round of Bitcoin fell from a high of $126,000 to $57,000, a drop of about 56%, and that he sees this move as having already formed the cycle low. In his view, it will be difficult for the market to see BTC prices starting with $50,000 again.
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