Bitcoin experienced a 3,000-point retracement yesterday, falling all the way from the high of 69,500 to around 66,500. Ethereum failed to hold steady at 2,680 and broke below to retest the support near 2,610. Fortunately, the key points have not been broken yet, and it is still viewed in accordance with the bullish trend. The key position below Ethereum is adjusted to 2,550, and the key position of Bitcoin is 64,800, which is the position that was not broken last time when a huge amount of volume was released. It is particularly worthy of attention. If it falls below this key position, the bullish trend will go bad and it is necessary to leave the market and wait and see. At present, it is still above the support level of 66,500, and bulls do not need to worry too much for the time being!

The market has indeed fallen, from 69,500 points to 2,500 points, but so what? It has rebounded 10,000 points from the bottom of the last round, and a rebound of 10,000 points has brought about a 2,000-3,000-point adjustment. Isn't that normal?

In the final analysis, this market does not need endless pull-ups, but an orderly rise. Endless pull-ups will lead to long-term and helpless lock-ups. A mature trading market is definitely an organic combination of data and volume. The adjustment of Bitcoin after this round of halving has reached the highest adjustment after the historical halving. In addition to following the upward trend cycle, there is no longer enough short-selling force to allow it to smash the market by more than 30% in a short period of time.

The overall macroeconomic situation is relatively stable at the moment. We just need to wait for the US election to end next month. It is expected that before that, there will be a new wave of highs after a brief adjustment of Bitcoin. Judging from the indicators and the situation on the chain, it is still early for the bull market and we still have many opportunities.

In terms of altcoins, the current market is still dominated by memes. It can be said that the combination of AI and memes is definitely the hottest track at the current stage. In terms of mainstream altcoins, public chains have performed very well, especially sol, which has a strong rebound. The sol/btc exchange rate trend is almost like pulling onions out of dry land. Apt, hnt, tron ​​and kas are all strong rebounds. Uni has also risen rapidly because of upbit, and Binance's listing of cat has also caused cat to surge by 60%. This may be the meme that Binance is going to promote the bnb chain. In addition, Binance's new launchpool may be coming today or tomorrow, so everyone should pay attention to bnb.

There are currently five positive factors that will stimulate the cryptocurrency market to surge:

1. Trump wins the election (the US election will be held on November 5, and former US President Trump has publicly supported cryptocurrencies many times this year).

2. Gary Gensler will be fired (the U.S. SEC led by Gary Gensler has long been suppressive of cryptocurrencies. After the election, Gary Gensler is expected to step down, and his successor may bring improvements to U.S. crypto regulation).

3. The Federal Reserve continues to cut interest rates (the U.S. Federal Reserve officially launched its monetary easing policy at the end of September this year, and the Fed dot plot shows that there will be multiple interest rate cuts this year and next year).

4. The end of the Ukrainian war (war usually triggers problems such as rising inflation and reduced capital risk appetite, which is not conducive to the risk market; once the Russian-Ukrainian war ends, Bitcoin may receive capital inflows).

5. The FIT21 Act was officially established as law (the US FIT21 Act is expected to bring regulatory compliance to corporate adoption of cryptocurrencies, specifically in the four aspects of unified regulatory framework, reduced compliance costs, enhanced trust and transparency, and encouragement of technological innovation).

In the previous analysis of the market, the view has always been that there is a high probability of a volatile range. At present, Bitcoin fell back last night, and it is actually still facing the 7W pressure level. The performance of the copycat is more obvious. Some people say that the election market has already shown in advance. In my opinion, it did not rush up all at once, so it is not considered an early performance.

The slow growth is still in our favor, unless there is a sharp rise. However, it is said that a long period of sideways trend will inevitably lead to a fall. Don't be surprised if the market falls and fluctuates widely.

Because the closer we get to the election, the more variables there are likely to be, and we should allow anything to happen.

If there is a callback opportunity, don't be afraid.

(I plan to ambush some low-market-cap coins with good news in the near future to help everyone recover. The current market situation is not stable. I will take 30% in the short term. The next password will be announced soon!!)