The current cryptocurrency market situation does not exhibit typical bull run characteristics, and we need to maintain caution and strategic consistency. Bitcoin may pull back to the key support level near 108,000, while Ethereum could potentially retreat to the 3,000 area. This pullback may be institutional investors looking to secure better entry points, especially those Ethereum holders who accumulated around 2,000.

Bitcoin seems to be waiting for Ethereum to complete its adjustment cycle, after which the two major cryptocurrencies may experience significant declines. It is worth noting that this only represents personal opinion and should not be taken as investment advice. Based on current market dynamics, I personally believe that the real bull run may not begin until the end of September or early October. The current market volatility feels more like preparation and testing for the upcoming bull run.

In this uncertain market environment, investors should remain vigilant and closely monitor market indicators and macroeconomic factors. At the same time, it is important to remember the high volatility of the encryption currency market, and effective risk management is crucial. The market trends in the coming months will provide us with more clues to better understand the development direction of this emerging asset class.