PANews reported on June 16th that, according to The Block, Bitwise Chief Investment Officer Matt Hougan stated that the debate surrounding whether Bitcoin has "bottomed out" is "asking the wrong question" for long-term investors; the key is whether the top of this cycle has not yet appeared. Galaxy Digital, NYDIG, and Standard Chartered have significant differences of opinion: Galaxy, using 13 indicators, judges the bottom range for Bitcoin to be between $30,000 and $54,000; NYDIG believes the current pullback has characteristics of a cycle bottom but lacks extreme "capitulation" selling, and institutional demand may change the cycle structure; Standard Chartered believes $59,000 is the bottom of this cycle and maintains its target of Bitcoin reaching $100,000 this year. All three parties jointly expect the bottom of this cycle to appear this year, before the next top, followed by a new bull market.