So the current issue isn't "whether prices will go up or down," but:

👉 Who is deciding the price?
Institutions are adding positions on the left side, making long-term allocations;
Mining companies are selling on the right side, managing cash flow.
One is slow money, the other is essential capital.
In the short term, prices are often determined by "those who must sell";
In the medium to long term, the trend is driven by "those willing to buy."
So this wave is essentially a rebalancing process.
If institutions have enough capacity to absorb the selling pressure, it will be digested, and after consolidation, prices will continue to rise;
But if selling pressure persists and liquidity can't keep up, the market will be suppressed.
This isn't a one-sided trend; it's a game of tug-of-war.
It depends on who has more patience and who needs money more.