The analysis discusses Bitcoin's recent drop, attributing it to post-Powell Jackson Hole speech volatility, aligning with patterns observed in 2023 and 2024. The presenter points to a short-term bearish Bitcoin move, estimating a CME gap fill toward $116910 before a seasonal bottom in September. Liquidity is stacking above $117000, suggesting upward movement, with the potential for one final Bitcoin wave. However, he points out that the Bitcoin's trend is lagging behind global liquidity. The presenter believes a bullish trend is more obvious in Ethereum, noting a retest of $4000 support. The presenter suggests Ethereum looks stronger than Bitcoin and sees a bullish breakout for ETH, and suggests that altcoins in general are currently heavily oversold compared to ETH indicating a rotation to altcoins may be coming.