Short-term Analysis of Bitcoin's Trend: Can it Break Through $100,000?
The market is still focused on whether Bitcoin can break through $100,000 again. Yesterday's analysis indicated that Bitcoin has a high likelihood of challenging this threshold once more. Historically, Bitcoin has tested the lower edge of the wedge multiple times and successfully broke through the upper edge of the oscillation box. Therefore, with Bitcoin currently pulling back to around $94,000 and finding support, the possibility of returning to the $100,000 mark in the short term remains high.
$94,000 Support Level Analysis
Recently, Bitcoin has found support around $94,000 and has formed a short-term rebound. This price point is just at the 0.66 Fibonacci retracement level, making this support particularly strong. Therefore, although yesterday's pullback was significant, it is still considered a normal oscillation adjustment from a technical perspective. Around this level, investors may consider spot buying, especially after Bitcoin establishes a bullish structure and creates higher lows.
Short-term Contract Operation Strategy
For contract investors, if Bitcoin can successfully break through $98,200 and form a bullish structure (i.e., higher highs and higher lows), it may be a good time to consider entering long positions. Despite short-term market volatility, from an overall trend perspective, contract operations require patience to wait for prices to establish a clearer upward structure to reduce risks and seize opportunities.
Altcoin Market: Is Further 'Water Extraction' Needed?
While Bitcoin's market performance is strong, the outlook for altcoins remains unclear. Especially during Bitcoin's adjustment cycle, many altcoins have generally negative funding rates, indicating low market sentiment and confidence in these tokens. Bitcoin's dominance continues to solidify, while altcoins face more challenges.
Short-term Outlook for Altcoins: Lackluster Remains the Main Theme
Although altcoin prices have seen significant pullbacks in the short term, some investors may view this as an opportunity to buy at low prices. However, from an overall market sentiment perspective, altcoin holders lack confidence, and the likelihood of a significant rebound in the short term is low. Even so, certain altcoins like Ethereum and Solana still hold some potential, especially under the influence of a Bitcoin rise, as they may also see a rebound.
Bitcoin Dominates the Market: Altcoin Performance Varies
Currently, Bitcoin's performance continues to dominate the market, while altcoins are performing weakly. Even if some altcoins appear to have large declines and their prices are 'discounted,' there is still significant uncertainty regarding short-term increases. In contrast, Bitcoin's strong performance makes the possibility of it continuing to challenge $100,000 likely, which also means that market funds will continue to concentrate on Bitcoin, while the performance of other altcoins may be suppressed.
The Future of Bitcoin: Possible Rise After Short-term Adjustment
For short-term operations, it is still recommended that investors focus on Bitcoin. After its adjustment, Bitcoin may have the opportunity to challenge $102,000 or even $107,000 again. Meanwhile, altcoins like Ethereum and Solana face greater adjustment pressures in the short term and require more time and recovery of market confidence to regain upward momentum.
Advantages of Solana: May have more advantages by rising together with Bitcoin
Among altcoins, Solana's performance is relatively stronger compared to other tokens. After a long adjustment period, Solana still has significant upward potential. If Bitcoin continues to rise strongly, Solana may see a substantial rebound in line with the market's upward trend. Compared to Ethereum, Solana's longer adjustment period after breaking previous highs indicates greater upward space.
Comparison Between Solana and Ethereum
From a technical perspective, Solana has undergone a longer adjustment period, showing strong accumulation power after breaking through previous highs and experiencing a 19-day adjustment. In contrast, although Ethereum has tested previous highs, the likelihood of a short-term breakthrough is low. If choosing altcoins other than Bitcoin, Solana is undoubtedly a more promising choice.
Summary: Focus on Bitcoin, Exercise Caution with Altcoins
The current market remains dominated by Bitcoin, and investors should prioritize focusing on Bitcoin's trends, especially near the $94,000 support level. In the short term, Bitcoin is expected to challenge $100,000 again, while altcoins may continue to face outflows and lack of confidence. Although some altcoins like Solana may experience rebounds after long-term adjustments, at this stage, Bitcoin remains the most robust investment choice.
Overall, short-term operation strategies should focus on Bitcoin. Spot investors can buy at low levels, while contract investors should wait for higher highs and higher lows to form. Among the altcoin selections, besides Bitcoin, Solana may be relatively more promising.
