Despite the current selling pressure from miners and potential ETF selling, analysts are predicting a bull run in September, driven by aggressive buying of call options. This optimism is tempered by concerns about a potential bull trap and short-term pullback before the price increase.

The current price cap is attributed to miners selling off their holdings due to increased operational costs and reduced profits following the recent Bitcoin halving. Additionally, the German government's plans to sell a large supply of Bitcoin have contributed to the price cap. However, some bullish developments have occurred, such as MicroStrategy's recent purchase of nearly 12,000 BTC, valued at $800 million.

While there is optimism about a bull run, analysts advise caution, noting that regulatory approvals and market events might already be priced in, potentially leading to a short-term pullback before long-term gains. The mixed signals from the market highlight the importance of due diligence and a measured investment strategy.

Traders are advised to remain cautious, as the forward-looking nature of the market could lead to a short-term correction before an actual bull run. However, the aggressive buying of call options for September onwards suggests a potential major price swing coinciding with the US elections.

In conclusion, while the current price action may seem bearish, analysts predict a bull run in September driven by aggressive buying of call options. However, caution is advised due to the potential for a bull trap and short-term pullback before the price increase. As the market continues to evolve, it is essential to stay informed and adapt to the changing landscape.