July 9, 2024 Grandpa checks in
The German government has started to transfer coins intensively. In the past 24 hours, it has transferred nearly 20,000 Bitcoins to various CEXs and market makers. It is estimated that more than 1 billion US dollars of Bitcoins have been dumped into the market. Judging from this situation, the remaining 20,000 Bitcoins of the German government will most likely be sold one after another. The windfall from the fines is enough for them to live comfortably. It is no wonder that some units are now focusing on projects with money, and the most typical one is the SEC. However, even so, the market has shown strong resilience in the past few days. After the Bitcoin bottomed out at 54,000 for the second time, it has now reached 57,000.
It can be seen that the German government's selling pressure has limited destructive power on the market. It depends on the long and short game in the market. In theory, when a piece of bad news is used to the extreme, it may turn around. Therefore, if there is no new black swan event, it will not be worse. I don't think there is any need to worry. In addition, when such large institutions sell, they will also seek some OTC purchase orders. The destructive power on the market is mainly the combined force. Besides, the German government has already sold most of its coins.
Today, Citibank said that the Federal Reserve will start a rate cut cycle in September, and the first rate cut is expected to be 200 basis points. According to the market's expected rhythm, even if there is no rate cut in September, the possibility of a rate cut at the end of the year is very high, and the liquidity brought by quantitative easing may boost the overall bull market in the currency circle. In other words, I am confident that there will be a super bull market next year. Under this premise, what we have to do is to get as many chips as possible, or get chips at a low price.
As for the market, it has been trading sideways at a low level in the past few days. This is a positive signal and also a reflection of the resilience of the big cake. For us, in addition to buying the bottom, we can also take some positions to do some swing trading. After all, the direction after the sideways trading is uncertain, so it is always right to reduce costs first. At present, the support of 54,000 for big cake will not be broken in the short term. The staged market is still expected to rebound more. More importantly, the resilience of the cottage has also been revealed. Finally, I saw the project "A single machine has an annual output value of 40,000 RMB, and Apple computers pay back in 100 days" in the square. Everyone can see if it is true. If it is possible, I am ready to use the machine to do it.
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