In the past week, after Bitcoin failed to reach 110k, it significantly retraced and is currently consolidating below 100k. The past week was the 51st week of 2024, and it is also the second-to-last week. There is just over a week left, and 2024 will forever slip away from us. Whether in joy or sorrow, willingly or unwillingly, it will gradually let go.
First, let's look at Bitcoin's important indicators.
Looking back at previous bull markets, Bitcoin often reaches new highs after Christmas. History does not repeat itself, but it is always remarkably similar. So, brothers, will next week become a week of significant importance?
Currently, Bitcoin has seen a plunge to 92,200. Over the weekend, the price remained stable above 94,000. As shown, BTC's URPD data indicates that the red entity represents an increase in chips within the corresponding price range.
This indicates that buying pressure is triggered above 94,000, as long as the chip accumulation does not change significantly. Therefore, the support at 94,000 is effective, even if the K-line trend breaks down, it will quickly recover. This has been mentioned multiple times before.
Next, we will see what happens on Monday. Tomorrow, on the 23rd, MSTR will officially be included in the Nasdaq 100, which will definitely boost sentiment. Just now, that man from MSTR hinted that he seems to have increased his BTC holdings. If sentiment is favorable before the Christmas market closure, it can stabilize the market sentiment in the low liquidity crypto market without market makers. Just don’t do anything reckless, and frankly, there shouldn’t be major fluctuations. Then we can slowly welcome Q1 of next year.
Regarding altcoin season, I know everyone is anxious, but please hold on. Based on the main upward trend bull market since 2021, the altcoin season still needs ETH to keep performing well.
New followers can't help but ask me if they can sell at a loss?
I told him to stabilize his emotions first; he can switch to mainstream coins like Bitcoin or Ethereum, but the one thing he cannot do is to sell at a loss. 'If you can't withstand the drop, then switch to mainstream.' This is my advice to everyone and a relatively wise and reasonable approach. If you sell at a loss, then if the price rebounds, won't your mindset collapse?
Reversals definitely cannot happen overnight; it still needs some refining before Trump takes office! In this market, although everyone's positions are retracing, isn't it also giving you an opportunity?
Some projects were okay before, but the market FOMO caused prices to rise too quickly in a short time. Now, this timeframe gives you ample opportunity to evaluate projects, check chip structures, and take your time to buy the desired proportion (like 1%). I don't know if the market will continue to drop, but some assets have reached the price range where I want to start building a position, so I will begin to buy in batches.
Finally: LPT is taking off, and ZEN has already stabilized. Tomorrow Grayscale will continue to buy, and the day after tomorrow will see a big explosion. Recently, LPT and ZEN will spiral upward.
