Bitcoin View: Correction of NASDAQ, Bitcoin downward TrendBitcoin / US DollarCOINBASE:BTCUSDtrader_kyeolIn the previous Bitcoin post on May 29, I mentioned the following: "It is highly likely to drop to around 68K, and I believe a further drop beyond that is possible." Currently, it has fallen faster than I expected and is in the vicinity of 60K. It appears that the trigger of the "NASDAQ's full-scale correction starting" has been added on top of the framework I have continuously emphasized in previous posts: "Bitcoin is losing to the NASDAQ as a risk asset and to gold as an inflation hedge, while both the NASDAQ and gold are priced too high." I previously explained this in detail in the May 17 post, stating: "The NASDAQ is clearly in a 'partial bubble' territory, and when it starts a correction, that capital will not flow into Bitcoin; Bitcoin will fall along with it." For now, I anticipate the possibility of a drop to 55K for Bitcoin. While I think a further drop beyond that is entirely possible, it involves too large of a time and price frame movement, and it is unknown what scale of a rebound might occur before then. Therefore, if it actually progresses to 55K, I will reassess the situation at that time. There are no changes to the macro and technical views mentioned in the May 17 and May 29 Bitcoin posts. Right now, I am simply looking at further downside from the perspective of the NASDAQ's full-scale correction starting combined with the continuation of Bitcoin's downward trend. ______________ The scenario in which this view is invalidated would likely be as follows: The current framework—where Bitcoin is losing to the NASDAQ as a risk asset and to gold as an inflation hedge—breaks down, -> And rather than being perceived as a risk asset, it is truly embraced as digital gold, i.e., an inflation hedge. In terms of price action, this shift could be identified under the following conditions: The NASDAQ and Bitcoin decouple + market interest rates (US 10-year Treasury yield) rise, and gold remains stronger than the NASDAQ, regardless of whether it rises or falls.