The current Bitcoin price has reached 96k, breaking through the trend line from the high point of 99.6k to the recent downward shock.
On the upside, it has broken through the resistance of the recent trend line. If it breaks through the previous high, there is a greater possibility of a new high;
On the downward side, one is the support of 90-92k mentioned earlier, and the other is the support of 85-87k. Generally speaking, it is still in a state of shock for the time being. I hope there will be a longer period of shock, so that the copycat stocks will have more time to make up for the losses.
Looking at Ethereum, it has had a good momentum in the past two days and is still generally stronger than Bitcoin. The trend is good. As for other altcoins, overall, Ethereum has seen more of a rebound recently, while the performance of the others is average.
From the perspective of overall sector rotation, we have now reached:
Big pie → meme, AI → old layer1 → Ethereum and its ecosystem →?
Although Bitcoin has frequently adjusted and pulled back recently, the altcoin market has not seen much of a drop:
This wave of market conditions is mainly concentrated on the old coins on CEX. Over the weekend, almost all the old coins rose by more than 30%. This wave is a bit like the wave of market conditions after the DeFi craze in 2020, when big funds collectively returned to CEX. At that time, not many people could successfully seize the CEX market. Many people made money on DeFi but missed the opportunity of CEX. The situation this time is similar.
Ethereum is now showing signs of revival. By observing the market, we can see that the altcoins did not follow the decline of Bitcoin this time. The performance of the altcoin king ETH even exceeded the CoinDesk 20 index, an overall market indicator. This index rose by 0.5% during the same period.
A sector rotation is underway as investors shift funds into smaller, riskier cryptocurrencies, leading to outperformance of altcoins such as ADA and DOGE, while Bitcoin’s surge since Trump’s election has stalled.
But it should be noted that the altcoin sector is only rebounding at present, and it is still necessary to lock in profits after there is a good space, unless there is a major application innovation in Ethereum, a trend bull market comes, or a new innovative sector emerges in the altcoin sector and there is capital speculation in the market!
Every pullback is actually the best opportunity to get on board, but you should give priority to mainstream options in the market such as leaders, public chains, DeFi, L2, ai, etc. These are usually the market’s first choice!
The next period of time is the most important turning point for retail investors:
1. BTC.D is expected to reach its peak between November and December, which marks the end of BTC's strong period in the past three years, and the golden age of altcoins is about to begin, bringing unprecedented wealth opportunities.
2. Historical data shows that in the eighth month after the first two halving cycles, altcoins broke through historical highs one after another and were unstoppable. By analogy, in this cycle, this grand event is expected to reappear in January 2025.
3. In the coming period, BTC is expected to increase by up to 100%, ETH may increase by 2 to 4 times, and the price will fluctuate between 9,000 and 10,000. Altcoins will generally usher in an astonishing growth of 5 to 10 times. Let us welcome the feast of this bubble era together and be prepared to meet challenges and opportunities.
The opportunity to change your destiny once every four years is coming. It depends on whether you can seize it.
