The bullish market in the second half of the year remains unwavering, and a large number of shorts will likely continue to pay a heavy price! Here are the reasons for being bullish:

1. The average order size for Bitcoin spot indicates that, at this stage, since the previous pullback to around $74,000, there has not been a large number of ordinary orders, meaning retail participation has not significantly increased. Basically, only large orders are being executed, suggesting that institutions see action after the pullback ends. Moreover, most people in the current market are waiting for a significant correction, and retail sentiment is not high! Although Bitcoin has risen by 30%, the market remains relatively quiet, which aligns with the fact that we are not in a stage of 'extreme greed' among retail investors; it should be in a 'doubt stage'! As long as the market is not in a state of extreme greed, being bullish in the short to medium term is safe!

2. Currently, the funding rates are at relatively low levels, with even some negative values. My view is that many sidelined investors or those who were previously short and got stopped out still choose to keep shorting or betting on a significant downward correction. The current price is only about 15% away from the historical peak, and psychologically, many people are afraid to go long unless they have low-priced long positions. However, if a large bullish candlestick occurs, it will ignite market sentiment, and they will continue to chase the rise! However, the current behavior of many retail investors shorting is still optimistic for the medium to long-term bullish outlook.

3. From a technical analysis perspective, Bitcoin has broken above around $89,000, and any technical analysis method should indicate: the pullback has ended! Furthermore, there have been no daily reversal signals during the upward process after the current pullback ended, so the current shorting behavior is considered 'left-side topping,' which is very dangerous! A month ago, we started saying that $74,000-$78,000 is an excellent opportunity for 2025, and 90% of people have an advantage in this round of building positions, so hold onto the low-priced chips tightly!

4. In the past few days, Bitcoin will likely continue to experience adjustments and fluctuations. During this stage, there will be a lot of retail investors unable to resist shorting, and the upcoming adjustments may continue to cultivate a large amount of short fuel for the main force, after which a large bullish candlestick can be produced!