BTC will only establish a medium-term downtrend if it effectively breaks below 100,000.

From the recent trend of major capital flows and ETF institutional capital flows, I believe that BTC is likely to break below 100,000 and settle around 85,000.

If BTC subsequently drops to around 85,000 to build a bottom, it would be a very good opportunity to build a long position in spot and futures. Because after this decline and adjustment, BTC will likely rise to higher price levels, such as around 150,000 to 170,000. A drop of Bitcoin to the range of 88,000 to 90,000 is also a very good opportunity to establish a spot position and a long position in contracts.

The possibility of falling to the range of 83,500 to 86,000 is much smaller than that of 88,000 to 90,000.

So, we first look at the primary target price of 88,000 to 90,000, then 83,500 to 86,000.