After Bitcoin hit a high of around 91,800 yesterday, it has now fallen back to a low of 86,700, falling another 5,000 points. After Ethereum hit a high of 3,242, it fell back to 3,020, a drop of 220 points. The market has entered a phase of adjustment. In the past 24 hours, more than 170,000 people’s positions have been liquidated, exceeding 500 million US dollars. The bulls have lost more than 300 million US dollars again, plus more than 500 million US dollars a day in the past two days. It is a definite Bitcoin bull market. The large amount of liquidation of the bulls reflects the overheated growth of market sentiment, and appropriate corrections and cleansing are also normal.
Many copycat stocks have basically returned to their previous starting points in this wave. Perhaps this is how risks and returns coexist. If you want to obtain long-term returns of ten times or even a hundred times in the future, you will need to endure countless pullbacks!
It is too early to say that the top has appeared. The development of the market is not completed in one day. It takes at least three months for the top of each stage to form. Last year's rise started in October and ended in March. The expected hype of the big pie ETF is the first stage of the market. After the hype, there will be a big correction. This big correction is expected to happen after Trump takes office. So I personally expect the staged top of the first wave of speculation to occur around mid-January! After the retracement, there will be a more crazy rise, so don't waste the early stage of the bull market. The retracement gives you the opportunity to get on board!
Ethereum focuses on the bottom-fishing opportunities in the range of 2800-3000, and Bitcoin focuses on the support situation near 85000! It takes time for the main force to ship out, so the market will not end so quickly, just boldly take it back!
How crazy will this round of Bitcoin market be?
1. ETH and other large-cap tokens have not yet reached new highs:
There are currently two L1 (first layer) projects with the largest ecosystems on the market: Ethereum and Solana. Once they rise, altcoins will follow, but right now, neither of them has broken through their previous all-time highs.
ETH is 30% below its 2021 high. SOL is down 16% from its new high.
Historically, large-cap coins tend to hit new highs after BTC stabilizes. For example, in the 2020-2021 cycle, BTC hit a new high in the fourth quarter of 2020, while altcoins hit new highs in the first quarter of 2021.
At this point, BTC may still have 100%-120% upside in this cycle, but altcoins have much greater potential gains.
However, today I mainly want to reveal whether Pnut's 161-fold increase in 7 days came out of thin air. After reading this, you may know whether Pnut will continue to increase in the future.
The 161-fold increase in the price of pnut in 7 days is obviously the result of market manipulation, not a normal market phenomenon.
The first wave of pnut’s rise was on November 11, with the market value rising from 39,947,617 to 386,934,318 US dollars, a direct increase of 10 times. What was the reason?
On the same day, pnut announced the listing of Binance, Crypto.com, Bybit, Kucoin, OKX, and Pump.Fun. All of them were listed at once, which means that the meme project has a very thorough plan. Under normal circumstances, how could Binance and OKX be listed at the same time? The only possibility is that they were discussed in advance.
The second wave of pnut's rise was on the 13th, with the market value from 386,934,318 to 1,702,165,733 US dollars. With a large market value, it can directly increase by 6 times. So what did pnut do that day? Musk directly called for orders! That post was directly viewed by more than 43 million people, which is really outrageous. The appeal of the Lord of Twitter is definitely not a normal market phenomenon.
What is Musk’s purpose in calling out orders?
1. Continue the trend of animal memes;
2. Musk and the Trump team made a lot of money;
3. Bitget, Binance and other exchanges have gained a wave of traffic and a good reputation in the community;
4. Didn’t they say that pumping makes it difficult for retail investors to speculate on memes? Well, I copied this animal meme. You see, speculating on memes can still make money. Let retail investors continue to fomo memes.
How will pnut operate in the future?
1. Look at the consistent trading methods of Binance market makers on meme coins;
2. The key is whether Musk will continue to support it or not.
3. I don’t think that this kind of project that has a high revenue in 7 days has a very solid community foundation;
So if you buy it, you should pay attention to the risks. I personally think that on the one hand, you can watch Musk's dynamics, and on the other hand, you can continue to look for potential animal coins. The hype of 7-day pnut this time is textbook-level and worthy of learning from all parties.
