Last night, the highly anticipated Microsoft shareholder vote on whether to invest in Bitcoin had results: shareholders opposed the proposal, believing it does not serve the long-term interests of shareholders. In fact, it doesn't matter whether Microsoft invests or not; Bitcoin will rise and serve as fuel for their rally.
There is another important point to note: the US will release the November CPI data tonight.
On December 11, 2024, at 21:30 (UTC+8), the US Labor Department will release the unadjusted annual CPI data for November. The forecast is 2.7%, higher than the previous value of 2.60%.
Based on tonight's CPI data, the current price is a great medium to long-term buying area: if the CPI is bearish, it can be a good opportunity to buy medium to long-term spot around the 91,000-94,000 range.
Contracts are not recommended, after all, you all play with high leverage.
The market here continues the fluctuating trend, currently still in the wash phase!
The purpose of the market makers is clear: to eliminate long leverage during the Asian trading session, keeping the market light and allowing for a smooth upward trend.
The possibility of a continued deep decline is almost zero. Bitcoin has strong support at 94,000, and the second coin has strong support at 3,500. As long as these levels hold, the market outlook remains positive, and one washout will not end this trend or signal the end of the bull market!
Of course, Bitcoin reaching 100,000 dollars is also a long-term phase victory! Whether for ultra-long or long-term investors, there might be some selling to take profits~ Additionally, there will be contract washout actions, as open interest and funding rates have reached certain extremes.
However, the bull market is still ongoing! The first wave of major liquidation will not be the end of the bull trend; the second and third waves might be... Just hold onto your spot tokens and continue to wait for time to validate!
Regarding altcoin season:
We need to recall and review; throughout history, all market movements have never happened overnight. The main funds won't just hand out money to retail investors; pullbacks and fluctuations are unavoidable spices in the entire rally.
Currently in a violent wash after aggressive buying, after experiencing a massive liquidation, market risks have been released. It is expected that after two to three weeks of fluctuations, ETH and altcoins will see a violent surge!
The fluctuation period will be a golden time to re-enter the market. Currently, bottom-fishing (do not go all in) on quality altcoins remains the best choice.
Besides BTC and ETH, focus can be on quality public chains: leading DeFi, and strong community-backed top meme coins.
Choose high-quality altcoins with lower pullback levels: AAVE, UNI, SUI, ADA, CRV, XRP, DOGE, LINK, ONDO.
Avoid those coins with deep flaws.
The characteristic of altcoins is high volatility, rising quickly and fiercely, with short-term fluctuations far exceeding Bitcoin. The same goes for when they drop. So during the pullback phase, holding altcoins can feel quite painful, but don't forget that during the crazy surge, it's you altcoin holders who look down on those holding Bitcoin! Gains and losses are just two sides of the same coin.
There’s a saying in the crypto world: when others are fearful, I am greedy. Often, after a significant adjustment, it is the best time to enter the market. Hold steady; the greater the storm, the more valuable the fish!
Could we be wrong? It's possible, but the probability is low. Still, as I always say, 'We trade based on high probabilities!'
