A few days ago, Bitcoin dipped to 94,000 multiple times, and altcoins plummeted by 30%-40%. Many people are worried that the market will drop to 90,000, or even 80,000, so they hastily sold their holdings.
Now the market is rebounding, and many altcoins are rebounding more than 10% in the short term. Those who cut losses this time are very awkward; if they buy back, the price will be higher than what they sold for before, and if they don’t buy, altcoins might continue to skyrocket, possibly leaving them behind.
In a bull market, the most important thing is to hold firm. Sometimes doing nothing might be the best choice.
This wave of liquidation has been very thorough, with the liquidation amount reaching an astonishing 1.7 billion dollars, and many altcoins are now lighter.
Therefore, the second wave of altcoin rallies is likely to arrive quickly, and many altcoins will continue to skyrocket.
However, we believe the situation is still not optimistic; this time we need to focus on Ethereum.
If Ethereum takes the lead and leads a wave of altcoin rallies, it will spark another round of rotation, and this wave of altcoins will rise even higher.
That is to say, the focus should be on whether Ethereum breaks through 4000, and how it performs after potentially breaking through 4800. If it fails, it could trigger a reversal, which would be the last chance to escape.
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