Early this morning, Bitcoin's lowest price dropped to around $95,734, with a daily fluctuation of less than 3%. In just four hours, $560 million in leveraged positions were liquidated. This indicates that there are many players using high leverage in the current market, which also validates what the old dogs mentioned in previous articles: after each rise in the bull market cycle, there will be a sharp drop to liquidate a wave of high-leverage investors, after which the coin price continues to reach new highs. After all, the market can only rise healthily after clearing out the leverage.
In recent weeks, many old coins have experienced explosive growth. For example, XRP, which has consistently been in the top ten by market cap.
In just three weeks, the increase has exceeded 200%, with even stronger examples such as
XLM (Stellar) is also considered an old coin that has experienced two bull and bear cycles, with a maximum increase of nearly 600% in just three weeks. It is also among the hottest batch of metaverse tokens from the previous bull market, SAND.
and MANA.
Both have seen approximately double the increase.
The reason why many old altcoins have seen significant gains recently is simple. Bitcoin has been rising for three consecutive months, and its monthly increase has surpassed 90% of the coins on the market. Due to Ethereum's poor performance in this bull market, many large holders have sold their Ethereum. At the current price level, it is completely impossible for them to buy back Bitcoin. Therefore, the market makers now have ample funds, and which altcoin they choose to pump depends entirely on their mood. Thus, many altcoins still remain at the bottom throughout the entire bull market cycle.
Today, I will share another altcoin that has not yet surged significantly, the national coin QTUM (Quantum).
Currently, the price is around $3.68. From the chart, it can be seen that QTUM's weekly K-line has stabilized above the weekly 30MA. Moreover, last week QTUM's weekly close did not show a significant upper shadow line, indicating that the selling pressure above is not very strong. In the short term, the weekly level will continue to challenge the year's high near $6.3. If it successfully breaks $6.3, the next stage will challenge the recent high of $9.64. QTUM's ideal price is around $17 near the selling pressure zone at the end of the last bull market. Based on the current price, QTUM reaching the ideal target will offer about five times the profit potential.
During the explosive period of a bull market peak, do not chase high prices; be bold in acquiring low-position chips. Recently, market makers have a lot of money and are poised to make moves on altcoins you might not expect. The old dogs will also try to share more and explore some altcoins that have not yet surged, as most altcoins are still at the bottom at this stage of the entire bull market cycle.
