The analysis begins with a statement that the cryptocurrency market experienced its biggest drop in history. The speaker cites a Coinglass liquidation map showing $17 billion wiped in 4 hours and $19 billion in 24 hours, primarily from leveraged long positions. A 13% drop in Bitcoin within a certain amount of hours, is noted, and a 16% drop in the total cryptocurrency market cap in 45 minutes. Total 3 altcoin market saw about 30% drop in less than 30 mins. The analysis references exchanges experiencing downtime during this period.Next is a discussion on the 4-year cycle theory, the content creator says there has been an angle of elevation based on a chart and also says the power law chart puts a target of $128000 near October, but the bull run is not confirmed because there has been no macro breakdown. The level hasn't been broken since 2017, it keeps retesting, showing some influence in predicting rejections, still short term and medium term point to bearish action. The chart has higher highs and lower highs, but there hasn't been a macro breakdown because we are still inside a macro support with support from 107.3k level and bull market support band. In order to verify a macro top, there needs to be macro breakdown on the chart. A macro low needs to be observed before that can be confirmed, as a result he is in a sidelined position. The analysis says Ethereum looks worse, because it did not see a higher high but there has also not been a macro breakdown, the analyst remains at this point neutral.